Hong Kong Stocks Continue Decline; Kingkey Financial Surges 10%

MT Newswires Live2024-12-17

Hong Kong stocks continued to fall on Tuesday as sentiment remained downbeat amid lingering disappointment over the lack of clarity on China's economic stimulus plans.

The Hang Seng Index slid 0.48%, or 95.01 points, to 19,700.48, the worst finish since Dec. 5. The Hang Seng China Enterprises index also fell 0.38%, or 27.25 points, to end at 7,105.44.

The local equities market extended its losing streak to three days as investors continued to fret over scarce stimulus details from Beijing and China's recent disappointing economic data.

The Central Economic Work Conference merely echoed previous promises of aggressive support policies but failed to share concrete measures about how the economy would be revived.

The developments overshadowed expectations of a quarter-point interest rate cut at a US Federal Reserve meeting this week.

In corporate news, shares of Kingkey Financial International (HKG:1468) soared nearly 10% after its unit Leading Tide Group agreed to form a graphics processing unit joint venture in Thailand.

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