Hong Kong Stocks Fall Marginally to Close Week in Red; Xiaocaiyuan International Jumps 14% in Debut

MT Newswires Live12-20 16:55

Hong Kong stocks declined marginally on Friday amid continued disappointment over a pessimistic outlook on US rate cuts in 2025.

The Hang Seng Index fell slightly to finish the week at 19,720.7. The Hang Seng China Enterprises Index also saw a minor decrease at 7,143.88.

Sentiment remained downbeat amid the US Federal Reserve's plan to cut its rate only twice next year, keeping in mind current and anticipated future inflation.

To further dampen investor confidence, the People's Bank of China kept its one-year loan prime rate steady at 3.1% and its five-year loan prime rate at 3.6%, in line with expectations from a Reuters poll.

This overshadowed any signs of optimism resulting from Tencent's (HKG:0700) shares rising 3% after it shared plans to pilot a "Gift a Friend" feature on its self-developed WeChat-based shopping platform, according to an SCMP report.

The feature will allow users to have gifts of up to 10,000 yuan delivered to friends with a single click.

In other corporate news, Xiaocaiyuan International (HKG:0999) made a strong trading debut on the Hong Kong bourse, closing at HK$9.66 at the closing bell on Friday. This was up 14% from the Chinese restaurant chain's IPO price of HK$8.50.

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