Market Updates
HK WED
Li Chen
11 Dec, 2024
Hong Kong
Stock market indexes in China and Hong Kong struggled to stay above the flatline as investors debated the outcome of the latest policy meeting.
The Hang Seng index declined 0.2% and the CSI 300 index dropped 0.3% as the two-day economic work conference went underway in Beijing.
Investors are looking forward to possible announcement of additional fiscal stimulus at the end of the meeting chaired by President Xi Jinping, that could set the tone for economic growth target for the next year.
China investors have turned cautious following a series of high profile announcements of fiscal stimulus from political leaders which have not been followed by concrete measures to revive consumer confidence and arrest debt-deflation spiral.
Over the last two months, political leaders and legislative committee's have promised several vague and lofty measures to support China's property market and rekindle consumer confidence, but little in the way of plans to achieve those goals.
China Stock Movers
The Hang Seng index decreased 0.2% to 20,265.19 and the CSI 300 index fell 0.3% to 3,984.37.
Consumer-driven stocks advanced in Hong Kong trading as investors searched for bargains.
Haidilao International increased 2.4% to HK $17.0, China Mengniu Dairy Company rose 2.4% to $17.70, and China Resources Beer Holding gained 0.6% to HK $26.85.
Fosun Tourism Group soared 80.2% to HK $7.23 after the company proposed to go private with an offer price of HK $7.80 per share.
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