9th December 2024 – (Hong Kong) Hang Seng Index futures climbed significantly, trading at 21,131 at 10.47pm, marking an increase of 481 points, or 2.33%. This surge reflects growing investor confidence following the Central Government’s recent announcements aimed at stabilising the housing and stock markets.
The overall Hong Kong market saw a robust rally, with the main index gaining over 500 points throughout the day, surpassing the 20,000 mark and the 50-day moving average. Trading volume exceeded HK$200 billion, indicating strong market activity.
In parallel, U.S.-listed Chinese stocks performed well in early trading, with the Nasdaq Golden Dragon China Index soaring more than 8%. Notable gains included Alibaba, which rose by 7%, Pinduoduo at 8.2%, and Baidu, which increased by 5.6%.
According to Xinhua News Agency, the Central Political Bureau convened a meeting today to discuss economic strategies for 2025. Officials emphasised the need for “extraordinary counter-cyclical adjustments” to enhance macroeconomic policy effectiveness, focusing on stabilising both the real estate and stock markets. The government aims to stimulate consumption and improve investment efficiency to expand domestic demand comprehensively.
