China Indexes Extend Losses for Second Consecutive Month In November,

Li Chen
29 Nov, 2024
Hong Kong

Stock market indexes in China and Hong Kong fell for the second consecutive month amid underwhelming stimulus measures and rising trade barriers. 

The Hang Seng index advanced on Friday and trimmed weekly and monthly losses after policymakers announced plans to issue long-term bonds to swap debts held by local governments. 

Moreover, the next U.S. presidential administration is likely to take a confrontational approach with its trading partners, and president-elect Donald Trump said he plans to levy additional 10% tariffs on shipments from China. 

Currency traders are bracing for yuan depreciation of as much as 10% in 2025 if the tariff war with the U.S. and trade restrictions with the European Union escalate. 

For the week, the Hang Seng index gained 0.6%, and the CSI 300 index advanced 1.1%. 

In November, the Hang Seng index decreased 6.2%, and the CSI 300 index fell 0.2%. 

 

China Stock Movers 

The Hang Seng index increased 0.3% to 19,415.21, and the mainland-focused CSI 300 index advanced 1.1%. 

Li Auto jumped 3.8% to HK $91.10 but fell 18% in November and led the decliners in the Hang Seng index. 

Xiny Solar gained 4.5% to HK $3.44 but dropped 12.2% in November, the second-worst-performing stock in the Hang Seng index. 

Mokingran Jewellery Group gained 1.3% to HK $12.90 on the first day of its trading in Hong Kong. 

The jewelry company priced its initial public offering of 43.95 million shares at HK $12.0 per share, at the bottom end of its filing range of HK $12.0 and HK $14.40. 

After the public offering, the company will have a total of 273.02 million outstanding shares. 

Revenue in the six months to June increased to 9.97 billion yuan from 9.31 billion yuan, but net income declined to 52.3 million yuan from 105.98 million yuan a year earlier.