Hong Kong stocks jumped 233 points, or 1.2%, to 19,789 in early trade on Friday, bouncing back from a weak session the previous day amid optimism that China's central bank will ease monetary policy further next year to support growth and fight deflation.
Goldman Sachs and Morgan Stanley expect the PBOC to cut its key policy rate by 40bps in 2025, the biggest rate cut in a decade.
The Hang Seng is on track for a second straight weekly gain, up nearly 2% so far, buoyed by hopes of a positive outcome from the upcoming central economic work forum and Politburo meeting in China.
However, further gains were tempered by a pullback in US futures, ahead of the US monthly jobs report due later in the day.
Meanwhile, some traders were cautious ahead of key Chinese data next week, including CPI, PPI and trade figures. Among the top early movers were Giant Biogene Holdings (7.3%), Prada Spa (5.2%), Wuxi Biologics (4.3%), China Longyuan Power (3.4%), and Kunlun Energy (3.0%).
Source: Trading Economics
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