19.12.202502:36:27UTC+00Hong Kong Shares Extend Gains for 3rd Session, Set for Weekly Drop

Hong Kong's stock market saw an increase of 150 points, or 0.6%, reaching 25,649, during early trading on Friday. This marks the third consecutive session of gains, bolstered by a wide range of sector strengths. Investor sentiment was buoyed by a positive close on Wall Street the previous night, attributed to a resurgence in technology stocks and moderated U.S. inflation figures, which reinforced predictions of potential interest rate cuts from the Federal Reserve next year. Additionally, the consistent rise in mainland Chinese equities for the third day lent further support, as investors anticipate next week’s monthly setting of China’s main policy rate by the People's Bank of China (PBoC). Noteworthy stocks advancing included XPeng with a surge of 4.6%, Nongfu Spring at 3.6%, Innovent Biologics up by 3.3%, SMIC rising 1.5%, and Tencent Holdings with a 1.2% gain. Despite these gains, Hong Kong stocks remain poised for a second consecutive weekly decline, approximately 1% lower, amid ongoing apprehensions about China's economic slowdown in November and the lack of new stimulus measures from Beijing as the year draws to a close.