Hong Kong stocks advance as traders position for additional growth measures
Investors anticipate further easing on monetary, fiscal and property fronts after Beijing vowed to strengthen domestic market
The Hang Seng Index gained 1.8 per cent to 25,976.79 at the close of trading – the biggest gain since November 24. It helped trim its weekly loss to 0.4 per cent. The Hang Seng Tech Index advanced 1.9 per cent. On the mainland, the CSI 300 Index climbed 0.6 per cent and the Shanghai Composite Index lifted 0.4 per cent.
Online-game provider NetEase jumped 4.2 per cent to HK$218.40 after JPMorgan analysts said its shares had upside next year given its successful overseas game launch. Food-delivery service provider Meituan rose 0.9 per cent to HK$102.40, while electric-vehicle maker Li Auto climbed 2.9 per cent to HK$67.55. Local developer Sun Hung Kai Properties advanced 3.6 per cent to HK$99.25, and peer CK Asset Holdings added 1.9 per cent to HK$39.98.
Limiting gains, container transport service provider Orient Overseas International dropped 0.4 per cent to HK$126.70, and Hansoh Pharmaceutical Group fell 0.8 per cent to HK$43.
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.