Hong Kong's stock market showed signs of recovery on November 22, 2024, as investors eagerly awaited potential stimulus measures from Beijing. The Hang Seng Index increased by 0.2% to reach 19,642.83, marking a weekly gain of 1.1%. The Hang Seng Tech Index also saw a rise of 0.7%, reflecting a positive sentiment among investors [34713ecb].
This upward trend comes after a period of volatility where the market had previously dipped due to China's decision to maintain its lending rates, which had raised concerns about economic growth. Notably, major companies such as BYD Electronic surged by 7.6% to HK$35.40, and Sunny Optical rose by 7.4% to HK$61.00. Xiaomi also gained 2.5%, reaching HK$28.80, while Tencent Holdings advanced by 0.7% to HK$410.80. However, Baidu faced a significant decline of 8.6% to HK$76.60 following a reported 3% drop in revenue [34713ecb].
In contrast, mainland benchmarks like the CSI 300 and Shanghai Composite Index experienced a slight decline of 0.3%, indicating mixed performance across the region. Additionally, Shenzhen Uniconn Technology made headlines by soaring 195% to 214.53 yuan on its first trading day, showcasing the potential for new market entrants to capture investor interest [34713ecb].
The broader Asian markets also reflected positive trends, with Japan's Nikkei 225 up 0.8%, South Korea's Kospi rising 1.1%, and Australia's S&P/ASX 200 increasing by 1%. As the market anticipates a quarterly review of the Hang Seng Index later in the day, investors remain hopeful that Beijing's forthcoming stimulus measures will bolster economic activity and market confidence [34713ecb].