Hong Kong Stocks Close Lower, XPeng Sinks 6%; NIO Drops 4%; Alibaba Falls 3%

Market Watcher12-13

On December 13, 2024, the Hong Kong stock market closed lower, as authorities again left investors guessing on the specifics of a fiscal stimulus even as their key policy meeting vowed to boost consumption.

The Hang Seng Index (HSI) fell by 2.09%, the Hang Seng China Enterprises Index (HSCEI) dropped by 2.36%, the Hang Seng Tech Index (HSTECH) declined by 2.63%, and the Hang Seng China-Affiliated Corporations Index (HSCCI) decreased by 1.68%.

The readout of the annual China economic conference, which was published by the Xinhua News Agency on Thursday night, largely repeated the language used in a Politburo meeting earlier this week, pledging to use looser monetary tools, raise the deficit ratio and stabilise home prices in 2025. The statement was devoid of concrete details about what stimulus measures the government would take next year.

In terms of star stocks, XPeng fell 6%; Li Auto and Bilibili fell 5%; SMIC, BYD, NIO, and Meituan fell 4%; NetEase, Trip.com, Kuaishou, and Alibaba fell 3%; JD.com fell 2%; Tencent fell 1%.

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