Hong Kong Stocks Rise Marginally in Anticipation of Fiscal Support; Shanghai Electric Shares Balloon 19%

MT Newswires Live10-28

Hong Kong stocks closed marginally higher on Monday as investors turned their attention to the upcoming policy meeting in early November, hoping for fiscal support measures to bolster the economy.

The Hang Seng Index rose slightly to finish the day's session at 20,599.36. The Hang Seng China Enterprises Index also saw a minor increase at 7,391.22.

Market sentiment remained shaky as investors awaited potential fiscal measures to be discussed and announced at China's National People's Congress legislature meeting scheduled between November 4 to 8, the SCMP reported.

Investors are anticipating measures that will buoy the economy, including modifications to government borrowing levels and bond issue limits.

Sentiment was also muted as China's industrial profits plunged at the sharpest rate in 2024 at 27.1% in September, compared with a 17.8% drop in August. From the January to September period, total profits saw a 3.5% boost over a year prior to 5.228 trillion yuan.

China's national general public budget revenue also fell by 2.2% year over year to 16.3 trillion yuan, while tax revenue slipped 5.3% to 13.2 trillion yuan.

In corporate news, Shanghai Electric Group's (HKG:2727, SHA:601727) shares jumped 19% in Hong Kong after the power generation and electrical equipment manufacturer said last week that it will buy a 50% stake in industrial robot maker Shanghai Fanuc International Trading.

In Shanghai, its shares closed 10% higher.

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