Hang Seng Jumps 18% in 2024, Ending Four-Year Decline
The Hang Seng Index rose 18.5 points, or 0.1%, to 20,060 on the last trading day of 2024 (31/12), after a modest decline in the previous session, helped largely by gains in the property and financial sectors. Official PMI readings from China supported sentiment, highlighted by a third-month expansion in the manufacturing sector and the strongest growth in nine months for services activity. The index rose 3.3% for the month, marking its first increase in three months.
The index has surged nearly 18% for the year, ending a four-year decline. The impressive progress has been driven by a range of support measures in China since H2 2024. Bets on higher fiscal spending next year have also boosted optimism, despite potential headwinds from global uncertainties and geopolitical tensions. On the monetary side, the PBoC has pledged to provide further monetary easing by 2025. Strong annual gains were seen at Alibaba Group (25.3%), Meituan (24.3%), China Mobile (19.8%), Tencent Holdings (18.7%), and HSBC Holdings (15.2%).
Source: Trading Economics
