Hong Kong Stocks Extend Slide; MicroPort MedBot Surges 31%

MT Newswires Live12-11

Hong Kong stocks fell for a second straight session on Wednesday after the Asian Development Bank slashed its economic growth forecast for the city.

The Hang Seng Index slid 0.77%, or 156.23 points, to finish at 20,155.05. The Hang Seng China Enterprises Index retreated 0.78%, or 56.78 points, to close at 7,249.38.

In its December 2024 Asian Development Outlook (ADO) report, ADB revised its GDP growth projection for Hong Kong this year to 2.5%, down from 2.8% in the last ADO issued in September.

The bank attributed the downward revision to the decline in private consumption and the slowdown of fixed investment and goods exports.

ADB also trimmed its 2025 Hong Kong GDP estimate to 2.3% from 3%, saying the US-China trade conflict is expected to weigh on the city's exports.

Sentiment also turned cautious as China's Central Economic Work Conference kicked off today. Investors await detailed policy measures from Beijing following stronger stimulus language in the Politburo statement earlier this week.

In corporate news, shares of medical device maker Shanghai MicroPort MedBot (Group) (HKG:2252) closed 31% higher after it raised HK$266.3 million from a private placement.

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