China, HK stocks end the week higher on better-than-expected economic data

SHANGHAI – China and Hong Kong stocks closed higher on Friday and ended the week with gains as a slew of better-than-expected Chinese economic data lifted sentiment.

** China’s blue-chip CSI300 Index closed up 0.3%, while the Shanghai Composite Index gained 0.2%. Hong Kong benchmark Hang Seng added 0.3%.

** The CSI300 and Hang Seng closed the week 2.1% and 2.7% higher, respectively.

** China’s economy ended 2024 on better footing than expected, helped by a flurry of stimulus measures. The economy grew 5.4% in the fourth quarter from a year earlier, significantly beating analysts’ expectations and marking the quickest rise since the second quarter of 2023.

** Meanwhile, industrial output grew 6.2% from a year earlier in December, beating expectations and marked the fastest growth since April.

** Technology and semiconductor shares led gains in China and Hong Kong as investors traded around themes of independent innovation amid the threat of a new trade war with the United States.

** China’s tech and semiconductor indexes rose 1.4% and 2.4%, respectively.

** In Hong Kong, China’s top chip foundry Semiconductor Manufacturing International Corp (SMIC) surged nearly 10%, hovering near its highest since July 2020.

** Real estate stocks were roughly flat after official data showed China’s new home prices stopped falling month-on-month in December for the first time in 18 months.

** China Vanke fell as much as 9% on Friday following reports that authorities had detained its chief executive. However, the stock pared some losses later in the day.

(Reporting by Shanghai Newsroom; Editing by Sumana Nandy and Savio D’Souza)