Hong Kong stocks end week lower as traders look for catalysts

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Tencent advances 2.7 per cent on move to introduce a gifting tool on its WeChat platform; chipmaker SMIC jumps 8.2 per cent

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Women walk past by a display showing the Shanghai stock market index outside a brokerage in Beijing. Photo: AP Photo

Yulu Ao

Published: 10:46am, 20 Dec 2024Updated: 5:24pm, 20 Dec 2024

Hong Kong stocks ended the week lower as investors awaited catalysts after digesting the US Federal Reserve’s hawkish pivot on interest rates next year. Tencent Holdings’ plan to introduce a gifting feature on its WeChat platform boosted tech shares.

The Hang Seng Index fell 0.2 per cent to 19,720.70 at the close on Friday, falling for a second straight day and declining 1.3 per cent for the week.

The Hang Seng Tech Index advanced 0.1 per cent. On the mainland, the CSI 300 Index retreated 0.5 per cent and the Shanghai Composite Index slid 0.1 per cent.

Index heavyweight Tencent gained 2.7 per cent to HK$426.40, following the tech giant’s plans to test a function by a WeChat-based shopping platform that allows users to give gifts priced less than 10,000 yuan (US$1,370). Chipmaker SMIC surged 8.2 per cent to HK$28.30, and sportswear maker Anta Sports added 1.8 per cent to HK$80.40.

A gifting feature on the WeChat super app boosted Tencent shares. Photo: Shutterstock

The benchmark’s decline was mainly arrested by Tencent,” said Kenny Ng, a strategist at Everbright Securities International. “Otherwise, the market would have fallen further.”