New Business
Hong Kong stocks advance as China begins tone-setting economic conference
Hong Kong stocks rose as China’s top leaders kicked off a key meeting that investors believe will set the tone for the nation’s economy next year.
The Hang Seng Index rose 0.7 per cent to 20,441.74 at 10.06am local time, while the Hang Seng Tech Index gained 0.7 per cent. On the mainland, the CSI 300 Index was little changed and the Shanghai Composite Index added 0.1 per cent.
Among the most substantial gainers, hotpot restaurant chain Haidilao International jumped 6.1 per cent to HK$17.58 and dairy company Mengniu advanced 4.3 per cent to HK$18.6.
All eyes are on a two-day economic work conference, which begins on Wednesday, as investors are hungry for more detailed policy measures after a readout from a Politburo meeting earlier this week hinted at a greater stimulus plan to improve growth. The Hang Seng Index has gained almost 3 per cent so far this week, indicating that there are high hopes for supportive policies among investors.
Fosun Tourism Group jumped 78 per cent to HK$7.12, on track for its largest-ever gain, following the release of a go-private plan where the offer price is 95 per cent higher than its stock’s last close.
One company commenced trading: Shandong Boyuan Pharmaceutical & Chemical jumped 226 per cent to 90.01 yuan on its debut in Shenzhen.
Source link
