Asian stocks fell across the board overnight, with the exception of Indonesia and Malaysia, which posted +1% returns. US-listed Chinese inventories (ADRs) particularly fell due to little tangible news. After the US stock market opened, online real estate company KE Holdings (BEKE US) traded a 14mm block of inventory down -8% from the previous day’s close . BEKE’s 1-year average volume is only 14mm of inventories, so this was a giant sell-off that led to the hypothesis that an asset manager was forced to sell or have buybacks leading to potential long-term sales in the Chinese ADR space. The sell-off hit all Chinese ADRs, not just electric cars or web inventories. It is very difficult to know for sure, although it shows how fragile the market is. Other rumors have informed the hypothesis that China will not deviate from the hard line on 0 covid, the recent covid outbreaks in China, and potential hardliners holding key government positions after the Party Congress.
China’s foreign renminbi (NHC) was down -0. 61%/$0. 04 against the final US dollar at 7. 269 hours of trading in the US. year, the U. S. Treasury yield. The U. S. dollar rose, while the U. S. dollar rose in the U. S. dollar. The U. S. had a fake day against other currencies. This unspoken maximum maximum culprit probably contributed particularly to the weakness of Chinese ADRs yesterday, somewhat unexpected US stocks did not worsen further. This morning, the NHC appreciated against the US dollar from 7. 26 to 7. 24, with the NHC trading in renminbi for dollar, which is confusing, a drop means an appreciation of the renminbi and vice versa.
Yes, Hong Kong stocks were down, but not as much as U. S. ADRs. Mainland Chinese investors had one of the most important days of net purchases of Hong Kong shares today. of size. Tencent had one of its biggest net buying days in history. The most attractive investors closest to stocks were buyers.
Hong Kong Main Board’s short rotation increased up to 63% compared to yesterday, with 21% short rotation. Again, Chinese investors on land (Shanghai/Shenzhen/STAR Board) were not as pessimistic as foreign investors (Hong Kong). Hong Kong has emerged from its intraday low in talks that China will reduce its 40 incoming visitors. The STAR Board outperformed, led by semiconductor stocks, as the Department of Industry and Information Technology urged corporations to perceive the effect of U. S. controls on semiconductor exports. A local broker noted that the existing weakness in Japanese stocks had been mitigated through Japanese semiconductor corporations doing significant business in China and the United States. I don’t think the market appreciated the effect of those sanctions on U. S. and global semiconductor corporations. , although they would possibly be a negotiating tool. It’s sad to see that the distractional strategy of hunting around and not in the mirror has become commonplace for American politicians, especially as the midterm elections approach.
The Hang Seng and Hang Seng Index fell -1. 4% and -2. 37% in volume 49. 59% since yesterday, or 103% of the 1-year average. 139 stocks rose, while 345 fell. Motherboard short sales earnings are up 63% from yesterday, or 126% from the 1-year average, while today’s short earnings are 21%. Value points surpassed expansion points, and giant capitalizations surpassed small-cap ones. Tech and Financials were positive through 0. 71% and 0. 21% while Communications -5. 49%, Healthcare -2. 83% and Discretionary -2. 8%. The main subsectors included healthcare equipment, semi-finished products and banking, while software, retail and auto portions were among the worst. Southbound Stock Connect volumes were subdued as mainland investors bought mainland shares worth $800 million today, with Tencent as a very large net buy, Meituan as a big buy, Kuaishou, BYD, Li Auto and Wuxi were small net purchases.
Shanghai, Shenzhen and STAR Board combined -0. 31%, -0. 51% and 1. 52% in volume 4. 52% through yesterday, or 80% of the 1-year average. 2,198 stocks advanced, while 2,273 stocks were down. Value and expansion points were combined, with small capitalizations outperforming the giants. The main sectors were generation 0. 96%, communications 0. 68% and medical care 0. 29%, while industry -1. 71%, strength -1. 63% and discretion -1. 27%. The main subsectors were hardware, semi-finished and power equipment, while marine/shipping, motorcycle production and power network inventories were among the worst. Northbound Stock Connect volumes were moderate/light, with foreign investors touting $890 million in continental stocks today. Treasury bill costs fell today. CNY fell -0. 04% against the US dollar to 7. 226 from 7. 227 and copper -0. 06%.
Country performance
Stock Market Performance
Top 10 in Hong Kong
China’s Top 10