Hong Kong Stocks Advance as Traders Position for Additional Growth Measures

Market Express12-12 16:17

Hong Kong stocks rose on Friday as traders positioned for additional growth-supportive measures after Beijing vowed to strengthen the domestic market to buffer against external headwinds at its annual central economic work conference.

The Hang Seng Index gained 1.8%, while the Hang Seng Tech Index advanced 1.9%.

In terms of star stocks, NetEase and Laopu Gold rose 4%; HSBC, Li Auto, and NIO rose 3%; Tencent, Alibaba, Mixue Group, Xiaomi, Baidu, and CATL rose 2%; BYD, JD.com, XPeng, and Kuaishou rose 1%.

Beijing’s renewed commitment to bolstering internal demand after the high-level policy meeting was being interpreted as a sign that authorities may roll out further pro-growth initiatives to better align supply with domestic consumption, analysts said.

The conference – the Communist Party’s and State Council’s top annual economic planning meeting – wrapped up on Thursday with a call to “strengthen our own capabilities to cope with external challenges”, according to an official summary released by Xinhua.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment