Market Updates
China Holds Loan Prime Rates Steady, Tencent Holdings and Ping An Insurance In Focus
Li Chen
20 Mar, 2025
Hong Kong
Stock market indexes in China and Hong Kong edged lower, and the central bank held its reference rates steady.
The Hang Seng index dropped nearly 2%, and the mainland-focused CSI 300 index declined nearly 1% after the People's Bank of China announced its rate decisions.
The People's Bank of China held steady the 5-year and the 3-year Loan Prime Rate at 3.6% and 3.1%, respectively, dashing hopes of a widely anticipated rate cut.
Market sentiment weakened after investors worried about the lack of improvement in aggregate consumer demand and a lack of progress in implementing previously announced stimulus measures.
Investors sold stocks despite the U.S. Federal Reserve holding its key interest rate range steady, but the central bank signaled the possibility of as many as two additional rate cuts in the year.
Fed Chair Jerome Powell said the impact of tariffs on the U.S. economy is more likely to be "transitory," and the central bank lowered its annual economic growth estimate to 1.7% from 2.1% announced in December.
China Indexes and Stocks
The Hang Seng index declined 1.9% to 24,313.45, and the mainland-focused CSI 300 index fell 0.9% to 3,974.88.
Tencent Holdings decreased 3.5% to HK $520.50, and the parent company of popular chat platform WeChat reported a surge in annual net income, driven by a robust revenue increase in its gaming business.
Revenue increased 11% while net income attributable to shareholders rose 90% from a year ago in 2024.
Ping An Insurance declined 4.5% to HK $49.55, and the mainland-based insurance company reported a 48% increase in annual profit in 2024.
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