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Hang Seng Jumps at Close
Wednesday, 18 December 2024 15:34 WIB | HANGSENG |HONGKONGHANG SENG

The Hang Seng rose 164 points, or 0.9%, to close at 19,865 on Wednesday, snapping a three-session slide. The rally was driven by a significant increase in U.S. interest rate futures as investors anticipated a 25bps rate cut by the Fed later in the day and its outlook for a reduction in 2025. The index rebounded from its lowest level in more than a week amid indications that China will boost fiscal spending in 2025 by raising its budget deficit to a record 4% of GDP, up from 3% this year.

Meanwhile, Chinese regulators have asked state-owned companies to boost their market value through measures such as mergers, acquisitions and share buybacks.

In addition, China's central bank vowed to have zero tolerance for "bad behavior" in the bond market as it surveyed bank bond investment activity.

All sectors posted gains, with technology and consumer staples among the biggest movers. Companies that recorded significant increases included Li Auto (5.3%), China Resources Gas Group (4.5%), Geely Auto (4.1%), and Semicon Manufacturing (2.0%).

Source: Trading Economics

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