© Reuters Hong Kong stock market retreats: Hang Seng Technology index closes 1.8% lower, department store shares reverse trend and rise
Investing.com – The Hong Kong stock market opened lower in the morning session on Tuesday, rose then fell, then continued to fluctuate at a low level. The Hang Seng Index fell 0.4% and the Hang Seng technology index fell 1.8%.
Turnover cooled down. The Hang Seng Index’s turnover today was 165.004 billion, which was 222.981 billion on the previous trading day; however, the net purchase of southbound funds was still 2.836 billion yuan, with a net inflow of 5.492 billion yuan.
At market close:
- It fell 0.40% to 19441.182 points;
- Up 1.99% to 19,499.0 points;
- Down 1.82%, to 4161.21 points;
- It fell 0.80% to 6652.95 points.
Tech stocks corrected, Bilibili (HK:) (NASDAQ:) fell 6.98% today after surging 29% yesterday, Alibaba (HK:) (NYSE:) fell 3.02 %, Tencent Holdings (HK:) (OTC:) lost 0.70%.
New auto forces fell, Xiaopeng Motors (HK:) (NYSE:) fell 5.58%, Weilai (HK:) (NYSE:) fell 3.72% and Ideal Automobile (HK:) (NASDAQ 🙂 is down 1.87%.
Internet medical stocks cooled: Ping An Good Doctor (HK:) fell 8.85%, leading the decline in Hang Seng Technology Index constituent stocks, which rose 37.91% yesterday; Ali Health (HK:) fell 1.84%.
Pharma stocks continued to fall, WuXi Biologics (HK:) fell 3.54%, WuXi AppTec (HK:) fell 2.73%, Zhaoyan New Drug (HK:) fell 6.65% , CSPC (HK:) fell 8.65%, Clover Biology (HK:) 🙂 fell 10.13%.
Earlier data from Guangzhou showed that more than 90 percent of cases showed asymptomatic infection or mild symptoms. Experts said the current mutant strain has significantly weakened virulence and is very close to seasonal flu.
Department store stocks drove gains, and many places on the mainland canceled requirements for nucleic acid testing in public places, including Hangzhou, which even announced it would scrap the health code. New World Department Store China (HK:) was up 22.39% and Parkson Group (HK:) was up 15.11%.
In addition, Hong Kong Aerospace Science and Technology (HK:) increased by 65.79%. According to reports, the remaining 8 operational satellites of the first phase of the “Golden Bauhinia-Qilu Satellite Constellation” project under Hong Kong Aerospace Science and Technology Sara was launched in December and its first test satellite “Golden Bauhinia Satellite VI” was launched.
China Huarong (HK: ) was up 11.36%. China Huarong has previously announced that the company supports real estate enterprises to save and ensure the delivery of buildings. Since the end of October, 16 real estate rescue projects have been promoted. regular settlement of 1.074 billion yuan in engineering and material payments from upstream and downstream suppliers, and ensured the timely delivery of about 22,500 sets of commercial housing, driving the resumption of work and production of 25.689 billion yuan projects.
Looking ahead, Industrial Securities said in its 2023 Hong Kong Equities Annual Strategy Report that Hong Kong equities will usher in a long period of economic recovery and a decline in US long-term bond interest rates in 2023. The agency stressed that Hong Kong’s equity capital and fundamentals will improve, including the expected decline in US bond yields, the strengthening of the renminbi, the recovery of China’s macro economy, and the optimization of industrial policies and prevention and control policies of the epidemic.
Industrial Securities also pointed out that the forward PE of the Hang Seng index passed its lowest point in 2008, the AH premium was at an extremely high level, and the depression of the value of Hong Kong stocks was highlighted.
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