Investing.com – On Tuesday, the Hong Kong stock market opened lower in the morning session and then rushed higher and fell back, and then continued to fluctuate at a low level. The Hang Seng Index fell 0.4%, and the Hang Seng Technology Index fell 1.8%.
The turnover has cooled down. The turnover of the Hang Seng Index today was 165.004 billion, which was 222.981 billion in the previous trading day; however, the net purchase of southbound funds was still 2.836 billion yuan, with a net inflow of 5.492 billion yuan.
As of market close:
- It fell 0.40% to 19441.182 points;
- Up 1.99% to 19,499.0 points;
- Down 1.82%, at 4161.21 points;
- It fell 0.80% to 6652.95 points.
Technology stocks corrected, Bilibili (HK:) (NASDAQ:) fell 6.98% today after soaring 29% yesterday, Alibaba (HK:) (NYSE:) fell 3.02%, Tencent Holdings (HK:) (OTC: ) down 0.70%.
New car-making forces fell, Xiaopeng Motors (HK:) (NYSE:) fell 5.58%, Weilai (HK:) (NYSE:) fell 3.72%, and Ideal Automobile (HK:) (NASDAQ:) fell 1.87%.
Internet medical stocks cooled down. Ping An Good Doctor (HK:) fell 8.85%, leading the decline in Hang Seng Technology Index constituent stocks, soaring 37.91% yesterday; Ali Health (HK:) fell 1.84%.
Pharmaceutical stocks continued to fall, WuXi Biologics (HK:) fell 3.54%, WuXi AppTec (HK:) fell 2.73%, Zhaoyan New Drug (HK:) fell 6.65%, CSPC (HK:) fell 8.65%, Clover Biology (HK:) fell 10.13%.
Previous data from Guangzhou showed that more than 90% of the cases showed asymptomatic infection or mild symptoms. Experts said that the current mutant strain has significantly weakened virulence and is very close to seasonal flu.
Department store stocks led the gains, and many places in the mainland canceled nucleic acid testing requirements in public places. Among them, Hangzhou even announced that it would cancel the health code. New World Department Store China (HK:) rose 22.39%, and Parkson Group (HK:) rose 15.11%.
In addition, Hong Kong Aerospace Science and Technology (HK:) rose 65.79%. According to reports, the remaining 8 operational satellites of the first phase of the “Golden Bauhinia-Qilu Satellite Constellation” project under Hong Kong Aerospace Science and Technology will be launched in December. The first test satellite is ” “Golden Bauhinia Satellite VI” has been launched.
China Huarong (HK:) rose 11.36%. China Huarong previously announced that the company supports real estate enterprises to bail out and guarantee the delivery of buildings. As of the end of October, 16 real estate enterprise rescue projects are being promoted. Achieved the smooth settlement of 1.074 billion yuan in engineering and material payments from upstream and downstream suppliers, and guaranteed the on-time delivery of about 22,500 sets of commercial housing, driving the resumption of work and production of 25.689 billion yuan projects.
Looking ahead, Industrial Securities said in the 2023 annual strategy report on Hong Kong stocks that in 2023, Hong Kong stocks will usher in a long window period of economic recovery and a fall in U.S. long-term bond interest rates. The agency pointed out that the capital and fundamentals of Hong Kong stocks will improve, including the expected drop in U.S. bond yields, the strengthening of the renminbi, the recovery of China’s macro economy, and the optimization of industrial policies and epidemic prevention and control policies.
Industrial Securities also pointed out that the forward PE of the Hang Seng Index broke the low point in 2008, the AH premium was at an extremely high level, and the value depression of Hong Kong stocks was highlighted.
[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]
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Editor: Liu Chuan