On December 29, the three major Hong Kong stock indexes fluctuated and ultimately closed slightly higher for the day. The Hang Seng Index rose 0.02%, the State-owned Enterprises Index rose 0.06%, and the Hang Seng Technology Index rose 0.01%.
In the property management sector, companies such as Suxin Services, Wanwuyun, China Resources Vientiane Lifestyle, Evergrande Property, and Shimao Services saw significant gains in their stock prices. Analysts at Guoyuan International attribute this increase to the positive impact of macroeconomic policies and government initiatives aimed at promoting service consumption and improving the real estate market.
Pharmaceutical and biotechnology stocks also performed well, with companies like Yongtai Bio-B, Ruike Bio-B, Jianshi Technology-B, and Jiahe Bio-B experiencing significant price increases. In the nuclear power sector, CGN New Energy, CGN Mining, and CGN Power saw gains, attributed to a recent US House of Representatives bill aimed at banning the import of Russian enriched uranium, which could impact the uranium supply and demand pattern.
The automotive sector also experienced a generally positive trend, with Xpeng Motors-W, NIO-SW, Li Auto-W, and Geely Automobile all posting gains. Analysts at Guohai Securities expect a new wave of event catalysis and a sales boom in January 2024 to drive the automotive sector upwards.
However, some education and electrical equipment stocks performed poorly, with companies such as 21st Century Education, New Oriental-S, Flat Glass, Harbin Electric, and China High Speed Transmission experiencing declines in their stock prices.
Star Chinese saw a sharp decline of 37.29% in its stock price, reaching a record low. Xiaomi Group-W fell 4.18%, while Evergrande Automobile surged 17.24% following a car delivery ceremony at the Tianjin production base.
Overall, the Hong Kong stock market saw mixed performances across different sectors, with pharmaceuticals, property management, automotive, and nuclear power stocks showing gains, while education, electrical equipment, and certain popular stocks experienced declines.