China Indexes Trim Weekly Losses After New Home Prices and Retail Sales Data Improved In October

Li Chen
15 Nov, 2024
Hong Kong

Stock market indexes in China and Hong Kong diverged as investors digested a flood of economic updates and corporate earnings.

The Hang Seng index advanced 0.5%, and the mainland-focused CSI 300 index declined 0.5%. 

Market indexes in Hong Kong edged higher after the latest updates on retail sales and new home sales supported a slight rebound in market sentiment. 

Retail sales growth in October accelerated to 4.8% compared to 3.2% in September, the National Bureau of Statistics reported Friday. 

Retail sales advanced following the raft of economic measures announced by the government in late September to stabilize the property market and facilitate lending to new home buyers. 

New home sales across 70 leading cities in China declined at an annual pace of 5.9% in October, faster than the 5.8% in the previous month, the government agency reported in a separate report.

However, the monthly rate of decline of 0.5% was the smallest in seven months. 

New home prices declined for the 16th month in a row and fell at the fastest pace since April 2015, despite several measures by policymakers to facilitate transactions. 

Industrial output increased 5.3% last month, a slight decline from the 5.4% annual pace in September. 

The urban jobless rate edged slightly lower to 5.0%, compared to 5.1% in September, according to separate reports from the statistical bureau.

China's jobless rate data are viewed with a high rate of suspicion, and most international economists believe that the true rate of jobless rate in China is well over 12% when smaller and rural areas are included. 

 

China Stock Movers 

The Hang Seng index gained 0.5% to 19,538.43, and the mainland-focused CSI 300 index decreased 0.5% to 4,018.87. 

NetEase Inc. increased 12.9% to HK $135.0 after the online gaming company reported better-than-expected revenues. 

Alibaba Group declined 0.5% to HK $87.75 ahead of the e-commerce platform operator's quarterly results later in the day after the close of trading. 

Longfor Group increased 1.1% to HK $11.48, China Vanke declined 1.4% to HK $6.49, and China Land Resource Land declined 1.3% to HK $23.75. 

Jiangsu Guofu Hydrogen Energy Equipment soared 20% to HK$78.0 on its first day of trading in Hong Kong after the company raised HK$390 million through the sale of 6 million shares.