The Hang Seng Index closed almost flat at 20,096 on Friday (12/27) after rising in the previous two sessions, with gains in the technology, property and consumer discretionary sectors offsetting losses in the financial sector. Traders digested a report that the World Bank raised its forecast for China's economic growth to 4.9% in 2024 and 4.5% in 2025 but warned of challenges such as weak demand, weak consumer sentiment and high local government debt.
Meanwhile, the latest data showed that China's industrial profits fell 4.7% year-on-year in the first 11 months of this year, sharply higher than the 4.3% decline in the previous period, due to a decline in profits from both public and private companies. Separately, China revised its 2023 GDP down by 2.7% to CNY129.4 trillion, without providing details. On Wall Street, trading was subdued on Thursday due to the holiday mood. Still, the index rose 1.9% on the week, boosted by expectations of strong fiscal spending in China in 2025. Lenovo Group (9.2%) and Li Auto (6.0%) rose, while Nongfu Spring (-4.0%) and Haidilao Intl. (-3.4%) fell.
Source: Trading Economics
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