Hong Kong and Shanghai stocks jumped Wednesday after Beijing’s latest measures to boost the stuttering economy, but declines on Wall Street weighed on other Asian markets.
China’s central bank rate-cut on Tuesday is among measures intended to rally dwindling growth as the world’s second-largest economy battles a prolonged property-sector crisis and a global slowdown.
The People’s Bank of China said it was lowering the five-year loan prime rate, used to price mortgages, from 4.2 to 3.95 percent — the largest reduction since the key rate was revamped in 2019.
Hong Kong climbed 1.6 percent, peaking at 3.0 percent at the afternoon break, while Shanghai was up 1.0 percent at the close.
Analysts said markets were likely having a delayed reaction to China’s cut.
“The strong inflow into the onshore market via the stock connect this morning is quite surprising,” Dickie Wong, executive director of research at Kingston…
