Investing.com – On Friday (30th), the Hong Kong stock market opened higher and then fell, giving up some of the early gains. The Hang Seng Index finally rose slightly by 0.20%, and the Hang Seng Technology Index rose by 0.52%. 1.69% and 2.53%.
The turnover fell further. The turnover of the Hang Seng Index today was 87.020 billion, compared with 90.753 billion in the previous trading day. However, Beishui continued its positive momentum, with a net purchase of 2.014 billion yuan of southbound funds and a net inflow of 3.623 billion yuan.
For the whole year, Hong Kong stocks have fallen sharply. The Hang Seng Index has fallen by more than 15% on an annual basis, and the Hang Seng Technology Index has fallen by nearly 30%, but it has rebounded from the lowest level in the middle of the year.
As of market close:
- Up 0.20% to 19781.41 points, down 15.46% for the year, but narrowed sharply compared to the deepest drop of 37.61% in October;
- fell 0.77% to 19,919.0 points;
- It rose 0.52% to 4128.79 points, and the annual decline narrowed to 27.19%. In October, it fell 52.03% from the beginning of the year;
- It rose 0.14% to 6704.94 points, down 18.59% for the year.
This year, new car-making stocks have fallen sharply. Xiaopeng Motors (HK:) (NYSE:) fell 79.41%, leading the decline in the constituent stocks of the Hang Seng Technology Index. Ideal Automobile (HK:) (NASDAQ:) fell 37.41%. Weilai ( HK:)(NYSE:) Hong Kong stocks have fallen 50.94% since their listing in March.
Other technology stocks also generally fell sharply, Bilibili (HK:) (NASDAQ:) fell about 48%, Xiaomi Group (HK:) fell about 42%, Alibaba (HK:) (NYSE:) fell about 27%, Tencent Holdings (HK:) (OTC:) fell 24.67%, and Meituan (HK:) fell 23.25%.
However, Kuaishou (HK: ) only fell 1.39%, rebounding 23.14% in the last month. At the same time, Ctrip Group (HK:) rose 43.40%, and JD Health (HK:) rose 16.11%.
Among the blue chips, Sunny Optical Technology (HK:) fell about 62%, Country Garden (HK:) fell about 61%, Country Garden Services (HK:) fell about 58%, Geely Automobile (HK:) fell about 46%. Industrial (HK:) fell about 44%, leading the decline in the Hang Seng Index constituents.
Gaming stocks led the blue chips, with Galaxy Entertainment (HK:) up 42.62% and Sands China (HK:) 27.72%.
Some consumer stocks also rebounded this year. Haidilao (HK:) rose 27.27% this year, Budweiser Asia Pacific (HK:) rose 19.56%, and Chow Tai Fook (HK:) rose 13.55%.
Looking forward to the coming year, the CITIC Securities Research Report believes that 2023 may be a year of outstanding performance for A/H shares. The reasons include: ①After the domestic epidemic prevention policy is relaxed, economic growth will pick up and profit expectations will improve; ②The Fed’s monetary policy shift leads to discounting ③Internet platform supervision has entered the stage of normalization; ④Concerns about real estate credit risks have eased. Considering that the current valuation of A/H shares is in the historically low quantile, the opportunity to go long in 2023 is worth looking forward to.
In addition, the long value of overseas safe-haven assets in 2023 is also worthy of attention, including U.S. bonds and gold.
[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