{"id":645906,"date":"2024-10-01T00:00:00","date_gmt":"2024-10-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/01\/chinas-stock-market-is-now-in-bull-territory-as-stimulus-package-drives-extended-rally\/"},"modified":"2024-10-01T00:00:00","modified_gmt":"2024-10-01T00:00:00","slug":"chinas-stock-market-is-now-in-bull-territory-as-stimulus-package-drives-extended-rally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/01\/chinas-stock-market-is-now-in-bull-territory-as-stimulus-package-drives-extended-rally\/","title":{"rendered":"China\u2019s stock market is now in bull territory as stimulus package drives extended rally"},"content":{"rendered":"

Buoyed by last week\u2019s stimulus package, Chinese equities are on a tear:<\/strong> Chinese equities had their best day in 16 years yesterday, after \u201cfevered trading\u201d saw the country hitting CNY 1 tn-worth of shares traded in the shortest amount of time in its history. Chinese markets closed up 8% yesterday and will now be closed for a weeklong holiday until next Tuesday as the country celebrates its 7-day \u201cGolden Week\u201d of National Day holidays. <\/p>\n

In Shenzhen, the ChiNext index \u2014 which is tech-heavy \u2014 closed up 15.4% yesterday<\/strong>, marking its strongest single-day performance since it was established in 2010. Reuters<\/a>, Bloomberg<\/a>, the Financial Times<\/a>, and CNBC<\/a> have the story. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

The single-day performance came as investors continue to ride the wave of momentum <\/strong>from last week\u2019s <\/strong>stimulus announcement<\/a><\/strong>, with China\u2019s central bank announcing it is rolling out broad monetary stimulus measures to jumpstart the country\u2019s faltering growth, including slashing a key short-term interest rate and lowering the reserve requirement ratio (RRR) to its lowest point since 2018. Critically, the stimulus package also sought to address China\u2019s flagging property market by reducing borrowing costs on USD 5.3 tn worth of mortgages and lowering down-payment requirements for second homes. <\/p>\n

Bull market territory?<\/strong> Yesterday\u2019s jump extended a rally that now puts China\u2019s CSI300 blue-chip index nearly 30% above its lowest performance in February, with the majority of that jump \u2014 around 25% \u2014 happening in the past week since the rollout of the stimulus package. Although in percentage terms, the stock market\u2019s performance is in bull market territory, some analysts are hesitant to characterize it as a bull market because such a large portion of the gains materialized in such a small period of time. <\/p>\n

Not having as good of a time: Quant funds.<\/strong> China\u2019s quant funds are struggling to keep up with margin calls as the equity rally puts pressure on their liquidity, according to Bloomberg<\/a>. \u201cWhen the surge in index futures exceeded gains in the underlying stocks on Friday, it imposed paper losses on some quants\u2019 hedging positions \u2026 When brokerages closed the short positions, they pushed the index futures further up along with investors [expecting] a further rally, worsening the short squeeze,\u201d the business information service said, citing an asset management player. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

It\u2019s holiday season:<\/strong> With South Korean, Hong Kong, and Chinese markets all closed for holidays, Japan\u2019s Nikkei is alone in rebounding 1.7% after slipping in trading yesterday. Mainland Chinese markets are closed for the entire week, but the rest will be back to work tomorrow. <\/p>\n

Meanwhile, Wall Street futures are flat<\/strong> after the S&P 500\u2019s record close for September. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

31,587<\/p>\n<\/td>\n

\n

+0.4% (YTD: +26.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.23<\/p>\n<\/td>\n

\n

Sell 48.36<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.26<\/p>\n<\/td>\n

\n

Sell 48.36<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,226<\/p>\n<\/td>\n

\n

-0.4% (YTD: +2.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX <\/strong><\/p>\n<\/td>\n

\n

9,425<\/p>\n<\/td>\n

\n

-0.5% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM <\/strong><\/p>\n<\/td>\n

\n

4,503<\/p>\n<\/td>\n

\n

-0.4% (YTD: +10.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,762<\/p>\n<\/td>\n

\n

+0.4% (YTD: +20.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

8,237<\/p>\n<\/td>\n

\n

-1.0% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

5,000<\/p>\n<\/td>\n

\n

-1.3% (YTD: +10.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 71.77<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.90<\/p>\n<\/td>\n

\n

-0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,655<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC <\/strong><\/p>\n<\/td>\n

\n

USD 63,662<\/p>\n<\/td>\n

\n

-3.4% (YTD: +50.9%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 5 bn (26% above the 90-day average). Foreign investors were the sole net sellers. The index is up 26.9% YTD.<\/p>\n

In the green: <\/strong>Emaar Misr (+5.3%), Elsewedy Electric (+5.1%), and TMG Holding (+2.6%).<\/p>\n

In the red: <\/strong>Cleopatra Hospital Company (-2.0%), Egyptian Kuwaiti Holding -EGP (-1.9%), and Juhayna Food Industries (-1.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The tech-heavy ChiNext index posted its best single-day performance since it was established in 2010<\/p>\n","protected":false},"author":1,"featured_media":645907,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"2250c5a1-2755-49cb-a12e-cb25bd7e070f","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/17.jpg","photo_position":"above","homepage_title":"","full_issue_title":"China\u2019s stock market is now in bull territory as stimulus package drives extended rally","related_issue":[645887],"teaser":"The tech-heavy ChiNext index posted its best single-day performance since it was established in 2010","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.4369e461-6f98-4b78-a909-e71e4ab857ec.mp3"},"yoast_head":"\nChina\u2019s stock market is now in bull territory as stimulus package drives extended rally - 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Foreign investors were net sellers. 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