January 17, 2025 at 03:49 am EST
(MT Newswires) -- Hong Kong stocks decreased their upward momentum on Friday due to a lack of clarity on stimulus packages from the authorities despite the country's GDP data exceeding predictions and the economic growth meeting the government's target for the past year.
The Hang Seng Index rose 0.31%, or 61.17 points, to close at 19,584.06 on Friday. The Hang Seng China Enterprises Index rose 0.14%, or 10.05 points, to end at 7,108.81.
The country's fourth-quarter GDP rose 5.4% year over year, up from the 4.6% expansion in the third quarter. Analysts polled by Reuters predicted a 5% growth for the quarter, while the economy expanded 5% to 134.91 trillion yuan for the full year, in line with the government's annual target of around 5%.
Retail sales, a measure of consumption, also grew 3.7% year over year to 4.517 trillion yuan in the fourth quarter of 2024, higher than the 3% increase in the previous quarter.
In corporate news, Chevron Holdings expects a net profit between $110 million and $120 million for the year 2024, against a net loss of $37.2 million logged in the preceding year, raising the shares of the company nearly 10% higher on Friday's close.
International Housewares Retail bought back 150,000 shares at between HK$0.95 and HK$0.98 apiece on Thursday for a total of about HK$145,000. Shares of the company jumped over 6% on Friday's close.
TK Group (Holdings) stocks dropped over 3% on Friday's close despite expecting an increase in profit attributable to the owners of about 20% for 2024 from the previous year.

Sumber : MT Newswires