Dec 6, 2024 at 9:02 am GMT
Updates closing prices
SHANGHAI, Dec 6 (Reuters)-China and Hong Kong stocks climbed to their highest in three weeks on Friday as technology shares rose and investors hoped for fresh stimulus from a key policy meeting next week.
** The Shanghai Composite Index. SSEC rose 1.2% to its highest close since mid-November, while the blue-chip index CSI 300.CSI300gained 1.3%.
** In Hong Kong, the Hang Seng Index.HSIadvanced 1.6%, touching its highest level in three weeks.
** Expectations for fresh policy supportare buildingahead of the Central Economic Work Conference, which will set the agenda and targets for China's economy for 2025.
** Fund distributor andadviserLead Fund saidexpectationsof policies from theconferencecould bolsterthe stock market, advising investors "to be more optimistic"even asChina'seconomic recoveryremains fragile
**U.S. president-elect Donald Trump's tariff threatshave added pressure on an economy struggling amid a property crisis and anaemic consumption.
**Tao Wang, Chief China economist at UBS Investment Bank,expects November data to show China's property market - a key part of the economy - to remain weak despite a flurry of rescue measures.
**But risk appetite remains high in China's stock market, withoutstanding margin financing,or the amount of leveraged stock bets,hittinga nine-year high of 1.85 trillion yuan ($254.98 billion) on Thursday.
** Tech shares led the gains in China. Sectors including software development.CSI932094, telecom.CSI932140and computer.CSI930651all jumped more than 2%.
** China's ministry of finance publisheddraft ruleson Thursday that would provide incentives for government agencies to buy China-made products, fuelling bets on home-grown technologies.
** The procurement policies would benefit sectors including software, chipmaking, IT and high-end equipment, investment advisor Ju Feng said in a note.
($1 = 7.2555 Chinese yuan renminbi)
Reporting by Shanghai Newsroom; Editing by Varun H K and Saumyadeb Chakrabarty
Sumber : Reuters
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