SHANGHAI, Sept 27, 2024 (BSS/AFP) - The Shanghai Stock Exchange was hit by an "abnormal slowdown" in transactions on Friday, saying it was probing the cause of an issue that sent jitters through investors as they rushed in to pick up stocks after China unveiled a string of economy-boosting measures.

Equity markets in the city as well as Hong Kong and Shenzhen have rocketed this week in reaction to a raft of much-needed stimulus including help for the troubled property sector, interest rate cuts, making cash available to banks to lend and pledges to boost jobs.

The People's Bank of China on Friday cut the amount of money banks must hold in reserve -- as flagged on Tuesday -- releasing an estimated $142.6 billion in liquidity into the financial market.

However, officials in the mainland financial hub said Friday their systems were coming under strain as traders rushed in.

"After the market opened, there was an abnormal slowdown in the confirmation of transactions during stock auctions on our exchange," the bourse said in a social media statement at around 11am.

"The exchange immediately noted the relevant situation and is investigating the relevant reasons," it said.

Chinese state broadcaster CCTV said in a social media post that "the market is gradually returning to normal" after the delays.

But comments on the X-like Weibo platform suggested that the incident had seeded chaos among investors.

"There are people who... haven't touched their accounts for many years rushing to ask their brokers about their fund accounts," one user wrote.

Another quipped: "They all say the real bull market has returned, and it's time to roll up our sleeves and work hard. As a result, the exchange crashed."

Shanghai was up more than two percent at the break Friday, while Shenzhen was more than five percent higher and Hong Kong 3.5 percent up.

The rally has seen a surge across several sectors, with beaten-down, debt-addled property firms among the biggest winners, having tanked since China embarked on a crackdown in 2020.

In Hong Kong, Kaisa Group rose 58.5 percent Friday and has almost doubled since Friday's close, while Sunac, which is undergoing a debt restructuring, is up about 60 percent this week.

Fantasia Holdings is up around 50 percent this week and Agile Group.
Tech firms, which have also had a painful few years owing to government moves to clamp down on the industry, were also enjoying some much-needed buying.

Ecommerce giant JD.com rose more than 10 percent Friday and 36 percent this week, rival and with market heavyweight Alibaba piling on 20 percent over the past five days.

Casino operators were lifted by hopes for a pick-up in once-big-spending mainland tourists.

Sands China rallied nearly 13 percent Friday, Wynn Macau more than nine percent and Galaxy Entertainment 8.5 percent.