Asian stocks had a start to the week while Hong Kong outperformed the rise.
Investors continue to read tea leaves about China’s reopening as additional small positives develop. Yes, this weekend’s National Health Commission (NHC) assembly reiterated 0 COVID policies, not where a replacement policy would be announced. Most likely, the reopening will be carried out gradually. , which is being carried out. The viability of reopening is raising potential inventory prices.
President Xi’s speech at the China International Import Expo spoke of the continued opening of China’s economy to foreign investors. The leader said, “We will have to advance economic globalization steadily. . . to provide all nations with broader and more equitable access to completion. “of development. “
Hong Kong opened lower but recovered, with the maximum traded shares being Hong Kong Tencent, which gained 2. 85%, Alibaba HK, which fell -0. 29%, and Meituan, which gained 2. 34%. We had $624 million in net purchases of Hong Kong shares to investors from the Southbound Stock Connect continent overnight, while Tencent had another day of strong net buying.
Shorts promotion volumes were moderate, individual shares increased, with 25% of Alibaba’s revenue, Tencent’s 15% and 31% JD. com. Remember that the shorts did not double last week, today there was a recovery.
Investors welcome the departure of auditors from the Hong Kong Public Company Accounting Oversight Board (PCAOB) after meeting with Alibaba’s “Big Four” auditors JD. com and Yum China.
Alibaba has announced that its earnings will be announced on November 17, while Singles’ Day officially begins on Friday.
The generation had a smart day as investors noticed a Chinese government white paper on cybersecurity and synthetic intelligence (AI). Continental markets controlled small gains while STAR’s board of trustees stayed on the sidelines. and imports in October decreased in US dollar terms to -0. 3% and -0. 7% year-over-year, respectively, increased to 7% and 6. 8%, respectively, in CNY terms. China’s foreign exchange reserves rose in October to $3. 052 trillion from $3. 028 trillion in September. The Asian dollar index fell against the US dollar, the CNY gained 0. 6% against the US dollar to close at 7. 22.
I don’t think Apple’s iPhone disruptions have anything to do with China’s COVID policy, but with weak demand.
The Hang Seng and Hang Seng Tech indices gained 2. 69% and 4. 06% respectively, with volume down -21. 23% since Friday, or 120% from the annual average. 474 stocks rose, while 36 shares fell. Short rotation in Hong Kong is down -15. 01% since Friday, or 105% from the 1-year average, as 15% short rotation. Growth and price points were mixed, with small caps outperforming the giants. All sectors were positive, with Materials gaining 5. 96%, Technology 5. 34% and Health 4. 15%. Meanwhile, customers’ commodities lagged behind to gain just 1. 35%. The most productive subsectors included family products, materials, generation hardware and semiconductors. Southbound Stock Connect volumes were very strong as mainland investors bought Hong Kong shares at a price of $624 million, as Tencent saw another day of net buying. Meituan and Kuaishou were also small net purchases.
Shanghai, Shenzhen and the STAR board combined to close 0. 23%, 0. 38% and -1. 07%, respectively, in volume down -7. 13% from Friday, or 103% from the 1-year average. 2,936 shares rose, while 1,610 fell. Value points outperformed expansion points, while small-cap points outperformed large-cap ones. The most productive sectors are the fabrics that gain 2. 33%, energy that earns 2. 27% and real estate that gain 1. 1%. Technology and Consumer Discretionary fell -0. 05% and -0. 11%, respectively. The most productive subsectors included valuable metals, oil and gas, forestry and timber, and recreational products. Meanwhile, restaurants, airports and defense were among the worst. Northbound Stock Connect volumes were moderate/high, as investors sold continental shares worth $557 million. Treasuries rose, CNY gained 0. 6% against the US dollar to 7. 22% and copper gained 3. 18%.
Country performance
MSCI China All Shares Index
Stock Market Performance
Top 10 in Hong Kong
China’s Top 10