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China Stocks Extend Slump as Banks Hold Mortgage-Linked Rate

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Chinese stocks extended losses as mainland banks surprisingly kept a key interest rate that’s linked to mortgages on hold, in a move that sent mixed messages on the country’s commitment to support the embattled property sector.

The Hang Seng China Enterprises Index, which tracks Chinese stocks listed in Hong Kong, slumped as much as 2.1% to the lowest since November. The Hang Seng Index, which fell into a bear market on Friday, slid for a seventh straight day, set for the longest losing streak since November 2021.

Heeding calls from authorities to bolster the market, China’s largest mutual fund houses promised to buy their own equity-focused products. At least 14 firms pledged to invest in their funds as of mid-Monday, taking the total tally to 870 million yuan . The planned purchases come on the heels of renewed vows from the securities watchdog Friday to boost markets, including cuts to stock handling fees and consideration to extend trading hours.

 

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