Hong Kong Stocks Begin Week in Green; WuXi AppTec, WuXi Biologics Jump 9%

MT Newswires Live12-09

Hong Kong stocks rose for a second straight trading day on Monday, as hopes for further fiscal stimulus outweighed deflationary concerns and bolstered investor confidence.

The Hang Seng Index soared 2.76%, or 548.24 points, to close the day at 20,414.09. The Hang Seng China Enterprises Index added 3.14%, or 224.12 points, to 7,360.67.

China's factory-gate prices fell 2.5% in November, softer than the 2.9% decline in October. The drop was also lower than the 2.8% drop forecasted by a Bloomberg survey of economists.

China's consumer inflation, which dropped to 0.2% in November from 0.3% the previous month, below Bloomberg's prediction of a 0.4% increase, is adding to deflationary pressures.

Investors are eagerly waiting for new support measures to be announced at the upcoming Central Economic Work Conference. President Xi Jinping and senior policymakers are expected to determine economic policies for 2025 aiming to give the economy a lifeline and counter new tariffs from the US.

In corporate news, WuXi AppTec (HKG:2359, SHA:603259) and WuXi Biologics (HKG:2269) both surged 9% after the Biosecure Act, which would have affected the two firms, was excluded from a US defence bill.

Xiaomi (HKG:1810) also rose over 3% amid news it may potentially launch a third vehicle, a sports utility vehicle codenamed KL, in 2026, according to a report by The Standard.

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