Dec 12, 2024 at 4:28 am GMT
SHANGHAI (Reuters)- China and Hong Kong stocks rose on Thursday as investors awaited the outcome of a key economic policy meeting for cues into policy easing next year.
** China's blue-chip CSI300 Index.CSI300climbed 0.8% by the lunch break and the Shanghai Composite Index. SSEC gained 0.6%. Hong Kong benchmark Hang Seng.HISwas up 1.7%.
** The focus is on the annual Central Economic Work Conference ( CEWC ), with potential policy announcements expected this week. This follows Monday's Politburo meeting, where leaders pledged to adopt an "appropriately loose" monetary policy to stimulate economic growth.
** "As we go into the CEWC , we may have some disappointed offshore investors," said UBS trader Kenyon Tse, adding that for offshore investors, every announcement gets a lot more scrutiny in terms of details.
"If you read through the transcript of last year's CEWC , it was more big picture. It was more directional, not as much detail."
** Analysts at BNP Paribas said, if indeed there is concrete fiscal policy follow-through to "expand domestic demand in all aspects" in the CEWC or the National People's Congress, it should trigger a substantial upward revision to corporate earnings expectations in 2025 and a more sustainable tailwind to Chinese equities both onshore and offshore.
** Financials.CSIASFIand consumer staples.CSICSadded 1.3% and 1.1%, respectively, leading the rise in the onshore market.
** China willexpandits private pension scheme nationwide from Dec. 15, after trials in 36 cities, in a bid to help a rapidly ageing population, the state media said. Some market participants expect the expansion to bring more long-term capital to the market.
** In Hong Kong, consumer-related shares led gains, with Mengniu Diary2319.HKand China Resources Beer Holdings0291.HKgaining more than 7%. Tech shares.HSTECHrose 2.6%.
 Reporting by Shanghai Newsroom; Editing by Sumana Nandy 

Sumber : Reuters