Hong Kong Stocks End Flat After Christmas Break; Minieye Jumps 14% in Debut

MT Newswires Live2024-12-27

Hong Kong stocks ended Friday's session little changed, as investors returning from a two-day Christmas break grew cautious after China's industrial profits declined for a fourth straight month.

The Hang Seng Index barely moved in negative territory to close the holiday-shortened week at 20,090.46. The Hang Seng China Enterprises Index ended marginally higher at 7,305.36.

Official data showed that China's industrial profits fell 4.7% in the January-November period from a year ago.

In November alone, industrial firms posted a 7.3% decline in profit, softer than the 10% decrease in October but above the 6% slide projected by analysts surveyed by Bloomberg.

"The market is expected to trade sideways until there is more clarity on the supportive measures and new US tariffs," Zheng Xiaoxia, an analyst at Hua An Securities, was quoted by South China Morning Post as saying.

In corporate news, Minieye Technology (HKG:2431) had a strong trading debut as the intelligent driving solutions provider closed at HK$19.40 per share, up 14.% from its IPO price of HK$17.

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