What's Going On With Futu Holdings' Stock?

Erica Kollmann

October 01, 2024

Futu Holdings Ltd. (NASDAQ:FUTU) shares continued higher after-hours on Tuesday as shares of China-based companies rose following additional stimulus measures aimed at boosting China's economy were announced over the weekend.

The Details: China announced additional stimulus measures including lower mortgage rates and looser real estate purchase restrictions over the weekend. The new measures follow a package of extensive stimulus measures including lower interest rates and additional liquidity for its banking system announced last week.

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Additionally, China's central bank will set up a swap facility that would give non-bank financial institutions access to at least $71 billion (500 billion yuan) in funding to buy shares, in an effort aimed at stabilizing China's stock market.

Futu, which operates trading platforms in China and around the world, may benefit from increased capital in the markets resulting from the intensive stimulus package. Futu shares have gained more than 40% over the past five days as investors pile into U.S.-traded Chinese stocks.

FUTU Price Action: According to Benzinga Pro, Futu Holdings shares ended Tuesday’s session up 12.43% at $107.54; shares are up 0.65% at $108.24 in after-hours trading.

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