Hong Kong Stocks Rise Deeply
Hong Kong shares rose 138 points, or 0.7%, to 20,447 on Wednesday morning, bouncing back from losses in the previous session as China kicks off its annual economic work meeting later in the day to discuss policy for next year.
Meanwhile, the Politburo has hinted at more aggressive stimulus amid a potential trade spat with the US. Economists expect the Chinese government to set a higher budget deficit target of up to 4% of GDP, allowing for more borrowing to support the sluggish economy.
However, gains were capped by weak Chinese trade data for November, highlighted by a sharp slowdown in exports and a further decline in imports.
Meanwhile, Wall Street ended lower overnight as technology stocks fell, ahead of key US inflation data later in the day.
All sectors were in the green, with consumer discretionary, technology and property leading the gains. Top early performers included KE Holdings (+4.2%), CK Asset Hlds. (1.9%), China Resources Beer (1.7%), Kingsoft Corp. (1.5%), and Hong Kong Stock Exchange (1.3%). (1.5%), and Lenovo group (1.3%).
Source: Trading Economics
