Hang Seng and CSI 300 Indexes Hover Near 2-Month Lows In Weak Turnover

Li Chen
25 Nov, 2024
Hong Kong

Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors stayed on the sidelines. 

The Hang Seng index fell 0.5%, and the CSI 300 index dropped 0.6% amid a lack of catalysts as investors awaited more corporate results. 

Investors were cautious following disappointing fiscal stimulus measures and a lack of support from policymakers in reviving consumer sentiment. 

Stock trading turnover in Hong Kong continued to drift lower over the last five weeks and fell to nearly 82% of the last one month of trading.  

The latest corporate earnings confirmed a lack of new domestic demand, and possible escalation of trade tensions with the United States and the European Union also contributed to the market weakness. 

 

China Stock Movers 

The Hang Seng index declined 0.5% to 19,131.82, and the CSI 300 index fell 0.6% to 3,842.45. 

Hang Seng Indexes, the manager of the benchmark index, announced changes to its widely followed Hang Seng Index. 

New World Development dropped HK$6.3% to HK$6.51 after the real estate developer was dropped from the Hang Seng Index as of December 9. 

New Oriental Education declined 0.6% to HK $57.36, and Kuaishou Technology increased 2.8% to HK $45.60 after the two companies were selected to be added to the city's benchmark index. 

Tech companies were in focus after China launched its three-month regulatory overhaul program targeting online algorithms used in content recommendation, e-commerce platform lists, and work assignments on delivery platforms.

JD.com declined 3% to HK $133.40, Meituan eased 3.4% to $161.40, and Alibaba Group rose 1.6% to HK $82.0.