Hong Kong Stocks Rise in 2024 After 4 Straight Years of Losses; Xiaomi up 121% This Year

Tiger Newspress12-31 12:20

Hong Kong stocks rose in 2024 after four straight years of losses.

The Hang Seng Index climbed 0.1%, up 17.7% this year and the Hang Seng Tech Index retreated 0.7%, up 18.7% this year. Xiaomi up 121% this year.

In terms of star stocks on Tuesday, Haidilao rose 2.6%; CNOOC rose 1.4%; JD.com rose 1%; Alibaba rose 0.5%; Weimob fell 6.3%; Li Auto fell 4.2%; SMIC fell 2.5%.

China’s PMI gauge of the manufacturing sector stayed at 50.1 in December, the National Bureau of Statistics said on Tuesday. The reading was above 50, the number that divides expansion and contraction.

The PMI report could give bullish investors some confidence that China’s stimulus measures would stem a slowdown in growth. The Hang Seng Index is up 18 per cent this year and is set to snap a record streak of four straight years of losses, after China unveiled a rescue package to spur growth, including new funding facilities for stock purchases and the lifting of home-purchase restrictions. Investors are keeping a close watch on the effective implementation of stimulus measures after top officials pledged more aggressive policy easing for next year.

“China’s economy is on a weak recovery and the momentum is pretty weak,” said Shen Fanchao, an analyst at Zheshang International. “There’s big pressure on downward revision of earnings forecasts. But on the policy front, more supportive policies will come in the coming year. At this stage, we advise investors exercise caution about the market in the near term.”

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Xiaomi up 121% this year.</p><p>In terms of star stocks on Tuesday, Haidilao rose 2.6%; CNOOC rose 1.4%; JD.com rose 1%; Alibaba rose 0.5%; Weimob fell 6.3%; Li Auto fell 4.2%; SMIC fell 2.5%.</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ed050c3d13c7ff2b21532077e0ffdf20\" title=\"\" tg-width=\"381\" tg-height=\"738\"/></p><p>China’s PMI gauge of the manufacturing sector stayed at 50.1 in December, the National Bureau of Statistics said on Tuesday. The reading was above 50, the number that divides expansion and contraction.</p><p style=\"text-align: start;\">The PMI report could give bullish investors some confidence that China’s stimulus measures would stem a slowdown in growth. 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