Hong Kong Shares Opens December Higher on Broad Gains
Hong Kong stocks rose 0.7% to 26,044 points on December's first trading day, driven by gains in property, consumer, and financial sectors. Optimism from Wall Street's session and potential U.S. rate cut supported sentiment. In China, stocks climbed on AI optimism but were limited by weak PMI data, with manufacturing contracting for the eighth month. Early movers included Zijin Gold, Laopu Gold, and Chow Tai Fook Jewellery.
Hong Kong stocks advanced 185 points, or 0.7%, to 26,044 in morning trade on the first day of the final month of the year, rebounding from weakness in the prior session on widespread gains across sectors, led by property, consumer, and financials.
Sentiment was supported by strength from Wall Street’s shortened Friday session amid optimism for a U.S. rate cut next week, with traders awaiting comments from Fed Chair Powell later today after recent dovish signals from policymakers.
In China, stocks rose for a third session, nearing multi-year highs on AI-driven optimism, though gains were capped by weak November PMI data.
Official figures showed manufacturing contracted for the eighth consecutive month, while a private survey indicated a slight drop in factory activity.
Meantime, China’s NBS Non-Manufacturing PMI fell to 49.5, the lowest in nearly three years.
Early movers included Zijin Gold (3.0%), Laopu Gold (2.7%), and Chow Tai Fook Jewellery (2.4%).
