Chinese stocks edged up on Friday to near a two-week high as declines in industrial profits slowed, while Hong Kong gained in thin holiday trading.
China stocks close up in thin trade
At the midday break, the Shanghai Composite index pared earlier losses and climbed 0.3% to 3,407.89 points, the highest level since Dec. 12. China’s blue-chip CSI300 index added 0.1%.
Both indexes are set to end a two-week losing streak and close the final week of the year higher.
In Hong Kong, the benchmark Hang Seng Index added 0.1%, bringing the gain this week to 2% in holiday-thinned trading.
Industrial profits fell 7.3% in November from the same month last year, following a 10% drop in October, National Bureau of Statistics (NBS) data showed on Friday.
The data signaled improved profits as recent economic stimulus measures begin taking effect, analysts said.
Investors are also digesting Beijing’s record stimulus plans for 2025 announced earlier in the week.
The authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, the highest on record, as Beijing ramps up fiscal stimulus to revive a faltering economy, Reuters reported.
The country will also ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents as well as expanding consumer goods trade-ins, the finance ministry said on Tuesday.
The market outlook remains promising with both monetary and fiscal policies on an easing cycle, analysts at Cinda Securities said in a note, adding that consumer and technology sectors are most likely to benefit.
Source: Brecorder
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