China blue-chips fall as financials drag; Hong Kong down
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China's blue-chip stock index fell 0.5% as financial shares declined, with the Hang Seng Index down 1.2%. Financial stocks dropped 1.5%, marking their worst day in nearly seven weeks. Despite this, UBS remains optimistic about China stocks, forecasting 14% profit growth for MSCI China companies in 2025. AI stocks rose after China's commitment to secure AI technology supply by 2027. Chinese chipmakers gained on news of a domestic focus on AI chip purchases. In Hong Kong, three tech firms debuted higher after raising $1.19 billion, indicating a busy year for new listings.
Source: Reuters The copyright of this article belongs to the original author/organization.
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