Stock Market Soars as Consumer Sector Leads Multiple-Headed Trend | Financial Association Daily News
February 16, 2024
Author: Rong Han
In today’s Hong Kong stock market, there was a strong opening and an upward trend throughout the day, with three consecutive rises. The stock index rose by 3.71%, the consumer sector rose by 2.48%, and the national index surged by 2.73%.
The daily market highlights include a strong performance from the technology sector, with the stock index reaching over a million points. Additionally, the consumer sector led a multi-headed trend, while the results of the stock inspection were released, affecting the travel and tourism industry.
On the trading floor, the technology sector’s stocks had a strong performance throughout the day, with Xiaomi rising by over 5%, Jingdong rising by more than 5%, Meituan rising by over 4%, and Alibaba’s Tencent rising by over 2%.
Other sectors also saw upward movement, with substantial increases in the biotechnology sector and robust momentum in the real estate stocks, in which the Yashili Group surged by over 15%.
Overseas, the semiconductor, securities, and automotive sectors also saw increased activity. The entertainment, travel, and retail industries continue to rally as well.
Overall, the Hong Kong stock market showed a diverse mix of trends today, with a trading volume of 706.58 billion Hong Kong dollars, showing significant market activity.
According to data, the total shorting balance today was 83.97 billion Hong Kong dollars, accounting for approximately 11.88%. Notably, the shorting positions of the semiconductor, Alibaba-SW, and Tencent’s shares accounted for the top three, with shorting balances of 4.45 billion, 4.22 billion, and 4.15 billion Hong Kong dollars respectively.
The consumer sector continued to lead the market trend today, with hotels, entertainment, and travel-related stocks rising, indicating a strong correlation between consumer-related activities and the performance in the stock market.
International investment research indicates that electronic payments have seen an increase of 15.8% year-over-year to 153.8 billion transactions and 10.1% to 7.74 billion yuan in transaction values. Furthermore, the growth rate of exchange transactions has surpassed the growth rate of payments, especially in the food and beverage, housing, travel, and retail industries, showing growth rates exceeding 20%.
In addition, the A-shares will resume trading on the Hong Kong stock market next week, which is expected to see a rapid increase in consumer-related stocks, warranting investors’ attention to potential adjustment risks.
The stock inspection results were also announced today, with no movement in the stock index, but a shift in the number of controlled shares in the travel and tourism sector, which will come into effect on March 4, 2024.
Meanwhile, MSCI also announced its latest stock inspection results this week, involving adjustments to the biotech sector, medical devices, real estate enterprises, and agricultural companies. The market behavior following the adjustment of stocks in the index warrants investors’ monitoring.
Disclaimer: This article is for reference only and does not constitute any investment advice. The stock market involves risks, and caution is advised when investing.