Hong Kong Stock Technology Index Continues to Fall, Real Estate and Automobile Stocks Top the List of Adjustments
Financial News Agency, January 16 (Editor Hu Jiarong) – The Hong Kong stock market fell today with the technology index continuing to lead the market decline. As of the close, the Hang Seng Index fell 2.16% to close at 15865.92 points; the Technology Index fell 2.29% to close at 3325.93 points; the State-owned Enterprises Index fell 1.90% to close at 5343.30 points.
The technology index once again led the market down, with major constituent stocks such as Alibaba Health (00241.HK), Lenovo Group (00992.HK), JD Health-SW (09618.HK) continuing their recent weakness. In this regard, Zhongtai International pointed out that in an environment of low market confidence, investors tend to “sell first to respect” to avoid risks. Although these technology and Internet stocks rebounded for a time after the crash, they have still not been able to recover to the level before the crash.
However, in recent days, some overseas institutions that had long-term skepticism about Chinese stocks have now begun to prepare for a short-term rebound. Bell Asset Management has long been unfavorable about Chinese stocks, but recently it has made a rare statement that Chinese stocks are “too cheap.” The company is currently carefully selecting individual stocks in the market; at the same time, asset management companies Aberdeen Asset Management (Abrdn) is looking to build exposure through options. JPMorgan Asset Management and BlackRock Inc also both said Chinese assets have the potential to rebound as valuations become attractive.
In addition to the adjustments in technology stocks, real estate and automobiles continued the momentum of recent adjustments in the market. At the same time, the performance of telecommunications and lithium battery stocks deserves attention.
Among real estate stocks, Sino-Ocean Group (03377.HK), Sunac China (01918.HK), and Longfor Group (00960.HK) rose 8.11%, 7.41%, and 6.58% respectively. Soochow Securities pointed out in a recent research report that the area of new home transactions in the second week of January fell by 9.1% month-on-month, and the year-on-year decline expanded to 50.7%…
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