Hong Kong Equities Point to Solid Yearly Gains
Stocks in Hong Kong rose 84 points or 0.4% to 20,123 in morning deals on the last trading day of 2024, swinging from a weak session the prior day.
This rise was driven by strength in property, consumers, and financials. Sentiment was uplifted by official PMI data from China, indicating that factory activity in December grew for the third month, despite a slower rate of increase. Meanwhile, the service sector rose the most in nine months, following stabilization in November.
Some early movers included China Mengniu Dairy (4.2%), Haidilao Intl. (4.0%), and Pop Mart Intl. (3.4%). The Hang Seng is on track for robust gains in December, up over 3% so far, after falls in recent months. For the year, markets are set for about an 18% jump, buoyed by optimism of increased fiscal spending in China next year, following a raft of support measures since September, and a pledge from its central bank to ease further monetary stance. Trading activity will end early today ahead of the New Year break.
Source: Trading Economics
