“Hong Kong Stocks Rebound on Mainland Financial Strength, Market Outlook Unclear: Investing.com”

Investing.com – On Thursday (4th), the Hong Kong stock market rebounded. Mainland financial stocks boosted the Hang Seng Index to rise by more than 1%, while the Hang Seng Technology Index only edged up about 0.5%.

The turnover of the Hang Seng Index today was 105.289 billion; Beishui continued to buy Hong Kong stocks, and the net purchase of southbound funds was 2.815 billion yuan, with a net inflow of 4.427 billion yuan.

As of market close:

• Up 1.27%, to 19948.73 points;
• It rose 1.34% before the deadline to 19,918.5 points;
• Up 0.55% to 3856.00 points;
• It rose 1.96% to 6718.80 points.

Mainland financial stocks such as insurance, banks and brokerages strengthened. Among the banking stocks, before the deadline, Minsheng Bank (HK:) rose more than 8%, China Construction Bank (HK:), Bank of China (HK:) rose more than 3%, Industrial and Commercial Bank of China (HK:), China Merchants Bank (HK:) rose About 5%, Agricultural Bank (HK:) rose more than 4%.

Insurance stocks soared. Before the deadline, China Pacific Insurance (HK:) rose more than 9%, rose more than 7%, China Ping An (HK:), New China Insurance (HK:) rose more than 7%, China Life (HK:) rose more than 5% %.

Mainland brokerage stocks generally rose, China Galaxy (HK:) rose more than 6%, CITIC Securities (HK:), China Securities (HK:) rose more than 4%, CICC (HK:) rose more than 3%.

Gold stocks performed strongly, Shandong Gold (HK:) rose more than 4%, China Gold International (HK:) rose about 8%.

Holiday concept stocks fell, China Resources Beer (HK:) fell about 5%, Tsingtao Brewery (HK:) fell about 7%, Ctrip Group (HK:), Budweiser Asia Pacific (HK:), Jiumaojiu (HK:) , Tongcheng-Elong (HK: ), Wynn Macau (HK: ), and MGM China (HK: ) fell more than 3%.

Most technology stocks rose, Alibaba (HK:) (NYSE: ) rose 0.44%, Tencent Holdings (HK:) (OTC: ) fell 0.47%.

Looking ahead, CICC stated that the current direction of Hong Kong stocks at the market level is still unclear. “Combining the current environment, we expect the market to remain directionless at the index level, similar to that seen in the second half of 2019,” analysts wrote in a note.

CICC pointed out that with the end of the important meeting of China’s top leaders, “some situations have gradually become clear, but the systemic direction change that the market had expected before may not appear in the short term. First, the policy level may pay more attention to medium and long-term goals rather than short-term The domestic aggregate policy has been greatly increased. Secondly, the momentum of economic recovery in terms of growth continues, especially in the field of offline consumption, but the short-term chain momentum of manufacturing, real estate, and even exports has also slowed down from a high point. Finally, overseas, the Fed received Disturbances such as the upcoming interest rate decision, the pressure of the US recession and the turmoil in the banking industry are still worthy of attention.”

[This article is from Yingwei Caiqing Investing.com, to read more, please log in to cn.investing.com or download Yingwei Caiqing App]

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Editor: Liu Chuan