The Hang Seng Index rose 192 points, or 0.75%, to end at 25,690 on Friday, extending its gains for a third session as all major sectors advanced. Sentiment was boosted by continued gains in mainland China's stock market amid reports that ByteDance had reached an agreement with three major investors to form a joint venture to operate the TikTok app in the US, aiming to avoid a potential ban.
Hopes for fresh stimulus from Beijing before the end of the year also supported the market, while traders awaited the upcoming People's Bank of China (PBOC) interest rate decision. Man Wah Holdings jumped 7.3% after agreeing to acquire US furniture maker Gainline Recline Intermediate for USD 58.7 million, including debt. CSPC Pharma surged 2.8% on positive trial results for its psoriasis drug, along with gains from Nongfu Spring (3.8%), Galaxy Entertainment (2.2%), and Meituan (1.5%).
However, Hong Kong stocks posted a second weekly decline of 1.1%, weighed down by concerns over record global AI spending and overvaluation, as well as weakening Chinese economic momentum in November. (alg)
Source: Trading Economics
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