Investing.com – On Monday (30th), the Hong Kong stock market opened lower and moved lower, with a sharp correction. The Hang Seng Index once fell by more than 3%, and the Hang Seng Technology Index once fell by 5.3%. At the same time, the southbound funds were sold off, with a net sale of 6.904 billion and a net outflow of 3.719 billion. However, the turnover has increased significantly, and the turnover of the Hang Seng Index today reached 203.248 billion.
As of market close:
- It fell 2.73% to 22069.73 points;
- fell 2.73% to 22,128.0 points;
- It fell 4.84% to 4580.22 points;
- It fell 3.57% to 7496.07 points.
Regarding today’s sharp drop in Hong Kong stocks, Yan Zhaojun, a strategic analyst at Zhongtai International, told Sina Hong Kong stocks that the current valuation restoration of Hong Kong stocks has exceeded the five-year historical average. Although the renminbi has continued to strengthen recently, further upward space is gradually limited. Analysts also believe that due to the current higher valuation of A shares, the attractiveness of Hong Kong stocks has relatively weakened.
Looking ahead, Zhongtai International believes that as the Hong Kong stock market returned to the top of the horizontal zone in the first half of last year, it is expected that the performance of the index at this level will fluctuate, and the rhythm of the index’s rise will start to have twists and turns.
However, Hong Hao, chief economist at Cirrus Investment Group, took the opposite view, saying that Hong Kong stocks are expected to jump to their highest level since early 2021 as investors return in full force after the Lunar New Year holiday.
“The Hang Seng Index is at an important technical point,” Hong Hao said. “It is likely to break through the 850-week moving average. If this momentum holds firm, the market will be extremely bullish.”
On the board, technology stocks fell sharply. Tencent Holdings (HK:)(OTC:) and Alibaba (HK:)(NYSE:) fell by about 7%. Among them, Tencent lost the HK$400 mark and reported at HK$387.20.
At the same time, Bilibili (HK:) (NASDAQ:) fell 8.52%, Kuaishou (HK:) fell 5.64%, Jingdong Group (HK:) (NASDAQ:) fell 5.57%, and Meituan (HK:) fell 0.80% .
Movie stocks fell sharply. Alibaba Pictures (HK:) fell 9.09%, Maoyan Entertainment (HK:) fell 8.85%, and IMAX CHINA (HK:) fell 10.05%.
Domestic insurance stocks fell collectively. Ping An (HK:) fell 5.14%, China Life (HK:) fell 3.43%, and China Pacific Insurance (HK:) fell 5.64%.
[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