Home Business Hong Kong stocks took a sharp turn for the day! Hang Seng Index closed down more than 3% Tencent insurance guarded 300 Hong Kong dollars barrier Provider Investing.com

Hong Kong stocks took a sharp turn for the day! Hang Seng Index closed down more than 3% Tencent insurance guarded 300 Hong Kong dollars barrier Provider Investing.com

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Hong Kong stocks took a sharp turn for the day! Hang Seng Index closed down more than 3% Tencent insurance guarded 300 Hong Kong dollars barrier Provider Investing.com
© Reuters. Hong Kong stocks plummeted within the day!The Hang Seng Index closed down more than 3%, and Tencent barely defended the 300 Hong Kong dollar mark

Investing.com – On Wednesday (7th), the Hong Kong stock market surged and retreated. After the release of the “New Ten Measures” for epidemic prevention, the Hang Seng Index once rose 1.52%, and the Hang Seng Technology Index once soared 3.74%, but then quickly fell back. The Hang Seng Index finally fell 3.22%, and the Hang Seng Technology Index fell 3.77%.

At the same time, the turnover has expanded significantly. The turnover of the Hang Seng Index today was 207.416 billion, compared with 165.004 billion in the previous trading day; the southbound funds sold a large net of 5.025 billion yuan, with a net outflow of 1.775 billion yuan.

As for the reasons for the Hong Kong stock market to rise and fall, analysts believe that, on the one hand, after the recent continuous rise in Hong Kong stocks, there has been a demand for adjustment. Investors began to re-examine the Fed’s prospects for raising interest rates after fears that the Fed might maintain its tightening policy for a longer period of time.

In addition, although the “New Ten Measures” for epidemic prevention in the Mainland have relaxed local epidemic prevention restrictions, there is still no change in the cross-border policy. Further adjustments may have to wait until the first wave of infection peaks has passed, depending on the situation.

Technology stocks generally fell. Tencent Holdings (HK:) (OTC:) fell 3.72% to HK$300.20; Alibaba (HK:) (NYSE:) fell 5.34% to HK$85.05.

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Mainland real estate stocks corrected sharply. Country Garden (HK:) fell 15.46%, CIFI Holdings Group (HK:) fell 13.82%, Xincheng Development (HK:) fell 13.30%, and Longfor Group (HK:) fell 12.07%. Prior to this, Country Garden announced the allotment of 1.78 billion shares, accounting for about 6.44% of the enlarged share capital, at a price of HK$2.70 per share.

Aviation stocks rose. After the release of the “New Ten Measures” for epidemic prevention, searches for air tickets in the Mainland surged by 350%. Air China (HK:) rose 4.27%, China Southern Airlines (HK:) rose 2.13%, and China Eastern Airlines (HK:) rose 6.31%.

As of market close:

  • fell 3.22%, to 18814.81 points;
  • fell 2.71% to 18,893.5 points;
  • It fell 3.77% to 4004.31 points;
  • It fell 3.31% to 6432.95 points.

market review

CITIC Securities: From the second quarter of next year, Hong Kong stocks are expected to enter a stage of valuation increase

The CITIC Securities Research Report pointed out that with the gradual reversal of overseas investors’ expectations of mainland policies, foreign capital is expected to continue to return to Hong Kong stocks in 2023. Looking forward to 2023, the further optimization of the mainland’s epidemic prevention policies and the gradual resolution of superimposed real estate credit risks will jointly drive the gradual stabilization of economic fundamentals and improve the risk appetite of investors in the Hong Kong stock market. After the expected recession from the current period to the first quarter of next year, Hong Kong stocks are expected to enter a stage of valuation uplift from the second quarter. As the domestic economic recovery accelerates in the second half of the year, Hong Kong stocks are expected to usher in a double restoration of valuation and performance.

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[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

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