Market Updates
China and Hong Kong Indexes Advanced at the Start of Holiday-shortened Week
Li Chen
23 Dec, 2024
Hong Kong
Stock market indexes in China and Hong Kong advanced in light trading as investors reassess economic growth outlook in the approaching year.
The Hang Seng index increased 0.8%, and the CSI 300 index gained 0.2% amid geopolitical tensions and growing economic uncertainties.
In the year so far, to last Friday, the Hang Seng index has advanced about 18%, and the mainland CSI 300 index gained about 16%, driven by promises of fiscal stimulus to revive consumer confidence and the flailing property market.
Market indexes have trimmed about 7 percentage points from the peak in late September after policymakers failed to follow through with detailed implementation plans.
Investors are staying on the sidelines amid U.S. policy uncertainties and rising trade tensions with the U.S. and the European Union.
Stock markets are closed on Wednesday and Thursday and will operate only half a day on Tuesday to observe Christmas Holiday.
China Stock Movers
The Hang Seng index increased 0.8% to 19,881.79, and the mainland-focused CSI 300 index advanced 0.2% to 3,933.57.
Semiconductor-related stocks were in focus amid elevated trade tensions with the U.S.
SMIC gained 2.9% to HK $29.10, GigaDevice Semiconductor declined 5.3% to ¥107.25, and JCET Group fell 2.3% to ¥39.03.
Li Auto Inc. gained 0.5% to $93.75, BYD added 1.3% to HK $270.40, and Geely decreased 1.7% to HK $15.06.
Tencent Holdings fell 1.4% to HK $420.60, Alibaba Group Holding added 1.1% to HK $81.0, and Meituan inched down 1.9% to $155.60.
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