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Hong Kong stock market
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Hong Kong’s stock benchmark completes weekly gain as market wraps up an unprecedented four-year losing streak

  • Hang Seng Index’s 3.8 per cent gain this week offered some consolation for investors in another poor year for Hong Kong
  • Challenges in the China’s domestic economy could overwhelm any cyclical gains in Hong Kong next year, says Silvers at Kaiyuan Capital

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An electronic board displaying the Hang Seng Index and stock prices outside the Exchange Square in Central in August 2023. Photo: Yik Yeung-man
Jiaxing Li
Hong Kong stocks rose, keeping the benchmark index at the highest level in four weeks. The market still logged an unprecedented fourth year of losses as trading volume shrank to the lowest since 2019. UBTech Robotics rose after completing the final stock offering of the year.

The Hang Seng Index gained 0.1 per cent to 17,047.39 on Friday, bringing this week’s advance to 4.3 per cent. The Tech Index was little changed while the Shanghai Composite Index added 0.7 per cent.

Tencent added 0.2 per cent to HK$293.60 while top EV maker BYD rose 0.4 per cent to HK$214.40 and Li Auto jumped 1.8 per cent to HK$147.10. Wuxi Biologics advanced 2.4 per cent to HK$29.60 and Hansoh Pharma rallied 6.3 per cent.

Limiting gains, Alibaba Group fell 0.3 per cent to HK$75.60 while Meituan slipped 0.5 per cent to HK$81.90. Smartphone maker Xiaomi tumbled 4.2 per cent to HK$15.60 and China’s biggest chip maker SMIC retreated 1.7 per cent to HK$19.86.

The 82-member Hang Seng Index fell 13.8 per cent this year, the worst among major stock indices worldwide. The city’s broader stock market lost about US$523 billion of market value in the process, according to Bloomberg data. The top three losers, Li Ning, Country Garden Services and Zhongsheng Group, slumped by 53 to 69 per cent.

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