The Hang Seng Index jumped 305 points, or 1.6%, to close at 19,866 on Friday (6/12) after a weak session the previous day, supported by strong gains across all sectors. The index rose 2.3% weekly, rising for a second straight period, amid hopes of fresh stimulus from a key policy meeting in China next week that could set economic targets for 2025. Traders eagerly added new positions after Beijing published draft rules on Thursday offering incentives for government agencies to buy Chinese-made products.
Meanwhile, Goldman Sachs and Morgan Stanley said the PBoC will cut its main policy rate by 40bps next year, the biggest cut in a decade. A slight decline in U.S. futures capped further gains, ahead of today's NFP report. Meanwhile, some investors were cautious ahead of China's CPI, PPI and trade figures next week. SenseTime Group surged 14.8% after completing a reorganization to embrace the AI era. Other big gainers included Giant Biogene Hlds. (7.9%), Wuxi Biologics (6.0%), and Trip.Com (5.7%).
Source: Trading Economics
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