Markets Await China's Economic Guidance as Stocks Hold Steady

On Thursday, Chinese stocks held steady with modest movement, while Hong Kong's shares dipped as investors awaited guidance from China's forthcoming central economic working conference. The conference is anticipated to offer insights into next year's economic stimulus. Meanwhile, sectors like media stocks and Bitcoin ETFs showed notable movements.

China's stock market saw limited movement on Thursday, while Hong Kong shares experienced a dip. Investors are in wait-and-see mode ahead of the central economic working conference, expected to provide crucial guidance on next year's economic stimulus plans.

The Shanghai Composite index slightly rose by 0.12% to close at 3,368.86, whereas the blue-chip CSI300 index decreased by 0.23%. Despite sector performance variances, media stocks and anime comic game shares positively impacted the index, each jumping by more than 4%.

Conversely, the Hang Seng index in Hong Kong fell by 0.92%, affected by further declines in the Hang Seng China Enterprises index. Notably, Bitcoin ETFs bucked the downward trend, posting gains as the cryptocurrency soared past $100,000. Economists observe potential slowdowns in early 2025 despite recent economic momentum.

(With inputs from agencies.)