The Hong Kong stock market jumped 297 points or 1.5% to 20,717 on Tuesday morning trade, surging for the third session and reaching its highest level in a month after a readout of China's Politburo meeting indicated that China next year will adopt a more proactive fiscal policy to bolster recovery, alongside an appropriately loose monetary policy for the first time in 14 years.
Beijing will also focus on boosting demand and spurring consumption. Traders keenly anticipated the Central Economic Work Conference this week, where key targets and policy directions for 2025 will be set. However, vigilance ahead of trade data in the mainland capped further gains, as figures will be released later today.
Markets expected a slowdown in exports after surging to an over 2-year top in October. Gains were broad-based across sectors, led by property, consumer, and tech. Among big-cap stocks, early performers included Geely Auto (4.7%), China Feihe (4.4%), Bosideng Intl. (4.0%), and Meituan (3.5%).
Source: Trading Economics
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