Hang Seng Index Registers Best Weekly Gain In Two Months Ahead of CWEC Policy Meeting

Li Chen
06 Dec, 2024
Hong Kong

Financial and insurance stocks led the gainers in China and Hong Kong in Friday's trading, as investors looked forward to a key policy meeting next week.

The Hang Seng index increased 1.8%, and the mainland-focused CSI 300 index advanced 1.4%, amid hopes of more stimulus measures to revive consumer confidence and arrest the ongoing decline in the property market. 

The Central Economic Work Conference of top policymakers, chaired by President Xi Jinping, is expected to tackle a host of issues, including deflationary trends, looming U.S. trade tariffs, a 4-year-long property market decline, local government debt, and elevated youth unemployment. 

The committee has not announced the date for the closed-door meeting of members, but sources in Beijing indicate December 11 and 12 as the most likely dates for the gathering. 

The Hang Seng index advanced about 2.1% in the week, its best weekly performance in two months amid hopes of additional stimulus measures. 

However, the latest legislative meeting's fiscal measures announced last month failed to impress investors. 

 

China Stock Movers 

The Hang Seng index increased 1.8% to 19,907.26, and the mainland-focused CSI 300 index jumped 1.4% to 3,976.88. 

Financial stocks and property developers advanced ahead of the key policy meeting next week. 

Ping An Insurance Group advanced 2.6% to HK $46.95, China Life Insurance rose 3.2% to HK $15.46, China Construction Bank increased 1.5% to HK $6.16, and ICBC Bank edged higher 1.7% to HK $4.76. 

Longfor Group Holdings advanced 2.9% to HK $11.16, China Resources Land gained 1.7% to HK $23.80, and China Vanke added 2% to HK $6.50.