|
Good day, traders!
What you need to know: Hong Kong stocks rose on Friday as traders positioned for additional growth-supportive measures after Beijing vowed to strengthen the domestic market to buffer against external headwinds at its annual central economic work conference.
The Hang Seng Index gained 1 per cent to 25,795.40 as of 10am local time, trimming its weekly loss to 1.4 per cent. The Hang Seng Tech Index advanced 0.9 per cent. On the mainland, the CSI 300 Index dropped 0.1 per cent and the Shanghai Composite Index lost 0.4 per cent.
Online-game provider NetEase jumped 2 per cent to HK$213.80 after JPMorgan analysts said its shares had upside next year given its successful overseas game launch. Local developer Sun Hung Kai Properties advanced 2.8 per cent to HK$98.50, and peer CK Asset Holdings added 1.9 per cent to HK$39.98.
Limiting gains, Chinese chipmaker SMIC slumped 1.9 per cent to HK$65.85, and private educational services provider New Oriental Education & Technology tumbled 0.3 per cent to HK$41.72, while local lender Hang Seng Bank fell 0.2 per cent to HK$152.70.
Beijing’s renewed commitment to bolstering internal demand after the high-level policy meeting was being interpreted as a sign that authorities may roll out further pro-growth initiatives to better align supply with domestic consumption, analysts said.
The conference – the Communist Party’s and State Council’s top annual economic planning meeting – wrapped up on Thursday with a call to “strengthen our own capabilities to cope with external challenges”, according to an official summary released by Xinhua.
Top HK gainers: Haidilao (6862), China Hongqiao (1378), CR Mixc (1209)
Top HK losers: Wuxi Bio (2269), SMIC (981), Petro China (857)
Top HK traded: CCB (939), BOC (3988), Xiaomi (1810)
Noteworthy: Mexico’s move to place tariffs of up to 50 per cent on Chinese and other Asian goods underscores US efforts to pressure other countries to take action against China – and Beijing may well retaliate, analysts said.
The Mexican Senate on Wednesday approved duties between 5 and 50 per cent on 1,463 product categories – including auto parts, textiles and plastics – starting from January 2026. President Claudia Sheinbaum had proposed the tariffs in the name of protecting local industries, subject to legislative approval.
Stories of interest to investors:
* Rosewood hotel brand of Hong Kong’s Chow Tai Fook is not for sale, sources say
* Chow Tai Fook sells Australian energy assets to Singapore group for US$4.3 billion
* Hong Kong set to keep its IPO crown in 2026 on mega deals and return of US capital: UBS
* AI stock opportunities lie in ‘battleground’ sectors, not ‘titans’, BofA Securities says
* Hong Kong scion Adrian Cheng signs Dubai retail partnership with group headed by royal
* Bitcoin drops below US$90,000 as AI worries sour risk appetite
* China’s Xreal to power Google’s Android AI glasses as smart eyewear demand grows
|
