Chinese stocks finished 2024 with their first annual gain in four years, defying global economic headwinds and fueled by government support measures.
Bull statues are placed in front of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. Chinese stocks dipped on Tuesday, the final trading day of 2024, but were on track for their first annual gain following an unprecedented three-year decline, while Hong Kong shares also ended the year higher. The blue-chip CSI 300 Index, tracking the biggest companies listed in the cities of Shanghai and Shenzhen, rose 15.
9% in 2024, snapping a losing streak since 2021 set off by the COVID-19 pandemic, property sector woes, and weak consumer confidence. The Shanghai Composite Index gained 13.9% in 2024, ending a two-year decline, while Hong Kong’s benchmark Hang Seng Index closed the year’s final session up 0.1%, for an annual gain of 17.9% that ended four consecutive years of losses. “Within the equities markets, China’s performance came as a positive surprise to many investors,” analysts at Value Partners said in a note this week. “Various supportive measures announced during the second half of the year, which targeted monetary policy, the property market, and capital markets, largely surpassed expectations and overshadowed ongoing economic concerns.” With an advance of 36%, banking stocks led the onshore market gains this year, as the four largest state banks reached multi-year highs. The chip sector surged 54% as domestic investors boosted holdings in local semiconductor makers amid tightening US chip restrictions. However, mainland stocks weakened on the year’s final trading day, with the CSI Index falling 0.6% after data showed China’s factory activity expansion slowed in December amid rising trade risks. The market is in the final phase of “policy expectation-driven” trading, following Chinese leaders’ key meetings this month, Dai Qing, a strategist at Changjiang Securities, said in a not
CHINESE STOCKS HANG SENG CSI 300 FINANCE MARKET
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Year-End Financial Checklist for a Successful 2024Maximize your year-end financial health and prepare for a successful 2024 with this comprehensive checklist.
Read more »
REMINDER: World Rugby rankings at the end of 2024The Springboks will spend Christmas - and New Year - in the No 1 spot in the coveted World Rugby rankings.
Read more »
Nabi’s Chiefs look to end 2024 on some kind of highChiefs have lost pretty much all of the early-season momentum they gained under new head coach Nasreddine Nabi.
Read more »
Orlando Pirates end 2024 on winning noteOrlando Pirates wrapped up their 2024 Betway Premiership commitments with a hard-fought victory over Magesi FC on Sunday.
Read more »
Dr Musa and Liesl Laurie Mthombeni End 2024 with a Final BaecationDr Musa and Liesl Laurie Mthombeni are ringing in the new year with a final getaway after a year filled with travels to top destinations. The couple, known for their public displays of affection, have kept the details of their latest trip under wraps but teased fans on Instagram about their exciting adventure.
Read more »
Orlando Pirates' First Away Match in 2024/25 Season: Aspirations and Transfer PlansOrlando Pirates aims to strengthen their squad for the upcoming Betway Premiership and CAF Champions League. Manager Jose Riveiro looks to add new talent in January, with the team already leading the league.
Read more »