Hong Kong's shares rose 97 points or 0.5% to 19,532 in early trade on Friday, ending losses in the prior five months amid gains across all sectors. Traders digested activity data from China showing retail turnover rose to an eight-month high in October and the jobless rate fell to a four-month low. Nevertheless, industrial output in the mainland grew less than expected. Also supporting sentiment were hopes of favorable outcomes from the Chinese central government's work forum and a Politburo meeting in December.
Cathay Pacific jumped over 9%, on a plan to repurchase convertible bonds. Other top movers were CK Infrastructure Hlds. (3.5%), Pop Mart (4.9%), and Li Auto (3.3%). The Hang Seng, however, is on track to post a steep loss for the week, sinking over 5.5% so far, burdened by worries over possible renewed trade tensions between the US and China under the second term of Donald Trump's presidency. At the same time, uncertainty regarding US monetary policy easing heightened.
Source: Trading Economics
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