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.
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