Dec 17, 2024 at 8:34 am GMT
Updates to market close
SINGAPORE (Reuters)- China and Hong Kong stocks hit their lowest in more than a week on Tuesday as the lack of detailsof Beijing's fresh stimulusplansdisappointed investors,while autoand batterymakerssupportedthemainland blue-chip index.
** The Shanghai Composite index. SSEC logged itslowest close since Nov. 29, falling 0.73% to 3,361.49, having touched its lowest intraday level since Dec. 5earlier in the session. Hong Kong's Hang Seng index.HIS,whichhitits lowest since Dec. 5earlierin the day, shed 0.5% to close at 19,700.48.
** China's blue-chip CSI300 index.CSI300rose 0.26%, helped byautomakers.CSI931008andconsumer staples.CSI000912gaining 0.8% and 1%, respectively.
** China'sCentral Economic Work Conferencelast week repeated pledges to support consumption and growth butshared nodetails tospur sentiments.
** China'sleadersagreedto raise the budget deficit to a record 4% ofits grossdomestic product next year, while maintaining an economic growth target of around 5%,Reuters reported,citing two people with knowledge of the matter.
** Investors tend to speculate heading into official meetings and then unwind positions, said Steven Leung, executive director at broker UOB Kay Hian in Hong Kong.Leungexpects the Hang Seng to oscillate around 20,000 until the year-end.
** "After the recent selloff, the market should find some support at this level... there's not enough momentum to lift the index too much for the rest of the year."
** Mainland stocks are headedfor their best year since 2016,whilethe Hang Sengis eyeing itslargest calendar-year gain since 2017, with a 16% risein theyear so far.However,foreign investors have largely kept to the sidelines.
** Official data showed a record$45.7 billion outflowfrom China's capital markets last month, suggesting heavy foreign selling as Donald Trump's re-electionasthe U.S. president has investors bracing for tariffs and unpredictability.
**The market is alsoclosely monitoringthe U.S. Federal Reserve's policy meeting on Dec. 17-18, with a rate cut expected on Wednesday.
Reporting by Tom Westbrook; Editing by Sherry Jacob-Phillips and Sumana Nandy
Sumber : Reuters
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