FX.co ★ Hang Seng Pares Gains at Finish

On Tuesday, the Hang Seng Index saw a modest increase, rising by 62 points or 0.2% to finish at 26,095, effectively rebounding from previous session declines thanks to gains in consumer stocks. Market participants were focused on forthcoming developments from China’s annual Central Economic Work Conference and December’s Politburo meeting, while exploring potential opportunities in sectors perceived to be undervalued. On the domestic front, Hong Kong's retail sales in October achieved their highest growth since late 2023, marking the fourth consecutive monthly increase, buoyed by consistent visitor arrivals. However, early gains were moderated as mainland markets experienced a downturn, with investors remaining cautious ahead of the release of Wednesday’s private Composite and Services Purchasing Managers' Indices (PMIs). In corporate news, the financially troubled developer China Vanke sought a one-year debt extension from bondholders due to liquidity challenges and diminishing state support. Meanwhile, Giant Biogene’s shares jumped 8.2% following the announcement of a share buyback initiative, and BYD Co. saw a gain of over 2% as sales of new energy vehicles rose by 8.7% in October. Other notable stock movements included J&T Global Express, which increased by 6.6%, and Swire Properties, up 3.2%, whereas Xpeng declined by 5.9% as its November delivery figures fell.