All Asian stocks fell after poor functionality of U. S. stocks. U. S. employment on Friday after the strong jobs release as investors grapple with the truth of additional U. S. Federal Reserve rate hikes. Malaysia, which is on leave for Mawlid-al-Nabi, South Korea, which is on leave for chosen holidays, and Taiwan, which is on vacation for the tenth double day.
Much of today’s drop in Asia is expected through the U. S. sell-off. This is reflected in Asian ADRs. and the generation sector in general. I find it ironic and useful to point out that most U. S. chipmakers are still in the U. S. U. S. nationals who will be affected by the export ban are in California. It’s also worth noting that Apple’s supplier ecosystem shrank overnight. The U. S. Department of Commerce The U. S. added thirty-one Chinese corporations to its “unverified” list, adding the company that makes China’s high-speed trains.
Golden Week was below last year and pre-COVID figures due to restrictions, making core and discretionary client stocks among the worst performers in both markets. COVID spikes after Golden Week, adding stricter measures in Shanghai, didn’t help sentiment.
Caixin’s services PMI for September came in at 49. 3 compared to expectations of 54. 4 and 55 in August, the weaker-than-expected release was not something in market action overnight.
In this context, Hong Kong short traders boosted their bets as 25% of the Main Board’s turnover short. Meituan recorded 31% of its short-traded volume, Alibaba HK recorded 31% short, Tencent recorded 11% short and JD. com HK recorded 39% short.
Over the weekend, it was announced that Southbound Stock Connect will now come with Hong Kong primary listings of double-elegance percentage companies, in which the control percentages exceed the holdings of other shareholders. Using Bilibili as an example, as it turned Hong Kong into a last Monday, it would be eligible for Southbound Stock Connect in March 2023. The percentage value of Bilibili HK fell by -8%, despite its peak. Alibaba expects Hong Kong’s approval in December for its higher percentage value.
Wuxi Biologics removed from U. S. “unverified” list. In the U. S. , inventory was reduced in the market.
The onshore renminbi (CNY) stood out with the strength of the dollar, emerging from CNY7. 12 to $1 to CNY7. 15 to USD. Chinese Treasuries had a trading day.
The Hang Seng and Hang Seng Tech indices fell by -2. 95% and -3. 98%, respectively, while volume increased by 66. 85%, or 76% from the 1-year average. 60 stocks rose while 439 fell. Primary card short sales volume increased to 83%, or 109% of the 1-year average, as did 25% of short earnings transactions. Value points surpassed expansion points, and small-cap companies “surpassed” giant cap companies. All sectors were negative, with Real Estate down -0. 36%, while Consumer Discretionary fell -4. 8%, Consumer Core -4. 78% and Materials -3. 76%. Semiconductors were the worst-performing subsector, while consumption-related subsectors also lagged, adding automobiles, stores and alcoholic beverages. Southbound Stock Connect reopened with light/moderate volumes, as mainland investors bought Hong Kong shares worth $50 million, with Tencent in a small net long position, Li Auto in a moderate long position and Meituan in a small net short position.
Shanghai, Shenzhen and STAR Board fell -1. 66%, -2. 17% and -4. 48%, respectively, in a volume that grew 11. 38%, or 63% of the average over 1 year. 895 stocks rose while 3,670 fell. Value points outperformed expansion points, while giant cap points outperformed small-cap ones. The sectors that advanced included Public Services, which gained 0. 57%, Energy, which gained 0. 16%, and Real Estate, which gained 0. 12%, while Technology fell -4. 91%, Basic fell -4. 58% and Consumer Discretionary fell -3. 62%. The most productive subsectors included agriculture, adding bird and pig games, as well as oil, fuel and coal, while semiconductors, hardware and alcohol were among the worst. . Chinese Treasuries had a very smart day, the CNY fell -0. 47% to 7. 15 against the US dollar and copper gained 0. 38%.
Country performance
MSCI China All Shares Index
Stock Market Performance
Top 10 in Hong Kong
China’s Top 10