HK shares barely move, China stocks gain at close

Business | 20 Apr 2020 4:20 pm

Shares in Hong Kong were flat and mainland China stocks gained after the People's Bank of China cut a key rate for the second time this year.

The central bank trimmed the benchmark interest rates by 20 bps to a record low of 3.85 percent.

Battered by the coronavirus that spread from Wuhan in Hubei province across the mainland China's ecoonmy shrank by 6.8 percent year-on-year in the first quarter, the worst since 1992. Earlier, the centra bank, trimmed the five-year loan prime rate by 10 basis points to 4.65 percent from 4.75 percent.

The benchmark Hang Seng Index barely moved at the close at 24,330.02, down by 49.98 points,or 0.21 percent.

The Shanghai Stock Exchange Composite Index closed at 2,852.55, up by 0.50 percent, while the Shenzhen Stock Exchange Composite Index ended the session at 1,767.86, up by 1 percent.



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