About half of the constituents of the Hong Kong stock index are at oversold levels. Investor sentiment has deteriorated against the backdrop of sluggish economic indicators and fears of deflation in China, and there are concerns about a crisis in the shadow lending sector due to the slump in the real estate market.
Of the 80 stocks that make up the Hang Seng Index, 42 stocks are oversold, with the 14-day relative strength index (RSI) falling below 30. This percentage is the highest since March 2022. The Hang Seng Index entered a bear market on Thursday, dropping about 12% this month and on pace for its biggest monthly drop since October.
news-rsf-original-reference paywall">Original title:Half of Hong Kong Stocks Are Oversold as Bear Market Takes Hold(excerpt)
2023-08-22 04:15:58
#Hong #Kong #Hang #Seng #Index #Constituents #Oversold #Bear #Market #Continues
