China and Hong Kong Markets: A Growth-Supporting Surge

China and Hong Kong shares rose due to Beijing's economic conference pledging growth support. Despite a weekly downturn, indices like the CSI300 and Hang Seng showed slight recoveries. Beijing’s focus remains on maintaining economic growth, with fiscal measures and sector support evident in recent market actions.

China and Hong Kong equities saw gains on Friday, spurred by Beijing's reaffirmed commitment to economic growth at its annual economic conference. Though the week's forecast suggested slight downturns, indices rebounded with CSI300 inching up 0.2% by midday and the Hang Seng Index surging 1.4%.

This follows recent announcements from Chinese leaders promising a 'proactive' fiscal policy aimed at spurring consumption and investment, projecting a steady economic growth target of around 5%. Analysts, including Goldman Sachs, remarked that the tone was more pro-growth compared to past meetings, with plans to stabilize the property sector and ease financial measures.

Despite some setbacks, like Moore Threads Technology's sharp share drop, market trends remain positive. In addition, non-ferrous metal stocks and tech majors continue to perform well, signaling investor optimism in these sectors, as reflected in rising copper and gold prices.

(With inputs from agencies.)