top of page
Search

Hong Kong Stocks Steady as China Consumer and Producer Prices Await Data

Hong Kong stocks exhibited a degree of stability ahead of an eagerly awaited government report that is expected to reveal data on consumer and producer prices in China for the previous month. The Hang Seng Index saw a modest 0.1% gain, reaching 17,678.36 during the noon trading session. The Tech Index showed a 0.2% increase, while the Shanghai Composite Index rose by 0.1%.

Hong Kong Stocks Steady as China Consumer and Producer Prices Await Data

Tencent registered a 0.9% gain at HK$311.40, while Meituan increased by 0.2% to reach HK$115.70. In the real estate sector, Longfor Group achieved a significant 3.5% rally at HK$12.54, while China Resources Land added 1% at HK$29.85. Semiconductor Manufacturing International Corp saw a strong rise of 3.1% to HK$24.75 in anticipation of its earnings results scheduled for Thursday.


However, some stocks experienced declines, with CNOOC slipping by 2.2% to HK$12.54 and PetroChina declining by 1.8% to HK$5 as crude oil futures reached a three-month low due to concerns about decreasing demand. Lenovo, a personal computer manufacturer, faced a loss of 3.6% at HK$9.23, and gold producer Zijin Mining decreased by 2.7% to HK$11.62.


The market's focus is on the government's upcoming report on consumer and producer prices in China. According to consensus estimates compiled by Bloomberg, it is anticipated that consumer prices fell by 0.1% in October compared to the previous year, while factory-gate prices likely weakened by 2.7%. The data is scheduled to be released on Thursday.

China's economic recovery remains sluggish, with weaker-than-expected exports in October and unexpected manufacturing contraction. This has impacted the Hang Seng Index, which has dropped by 11% this year, making it the poorest performer among major stock benchmarks worldwide.


Wang Zheng, Chief Investment Officer at Jingxi Investment Management in Shanghai, expressed a lack of confidence in the strength of the economic recovery and the extent of potential supportive stimulus. "We haven't seen a strong recovery," Wang stated, emphasizing the ongoing uncertainty in the current economic landscape.


In Beijing, Chongqing Mexin Yishen Machinery, a manufacturer of accessories for motorcycles and cars, saw an impressive 85% surge to reach 18.52 yuan on its first day of trading.


In other major Asian markets, there were mixed results. Japan's Nikkei 225 posted a gain of 0.5%, while Australia's S&P/ASX 200 added 0.1%. Conversely, South Korea's Kospi retreated by 0.3%.

By fLEXI tEAM

Kommentare


bottom of page