Hong Kong Stock Market Soars with 4% Increase in Heavy Volume: Analysis and Insights

© Reuters.

Investing.com – On Friday (2nd), the Hong Kong stock market soared in heavy volume. The Hang Seng Index closed more than 4%, and the Hang Seng Technology Index rose 5%. At the same time, the turnover increased to about 150 billion, reaching 149.137 billion. Today, the southbound funds sold a net of 2.425 billion yuan against the market, with a net outflow of 123 million yuan.

Regarding today’s big counterattack in Hong Kong stocks, Yan Zhaojun, a strategic analyst at Zhongtai International, told the media that first of all, from an internal perspective, the valuation of Hong Kong stocks is already very low, and there is not much room for downward movement; technically, it has been oversold recently, and there is a need for adjustment; The news that is good for the mainland real estate industry has reversed the pessimistic expectations.

Externally, the U.S. debt ceiling issue has been resolved, leading to a fall in the U.S. dollar and a rebound in the renminbi, which also eased the pressure on the Hong Kong dollar.

As of market close:

  • Up 4.02%, reported 18949.94 points, up 1.08% for the whole week, ending three consecutive losses in the week;
  • Up 4.00% to 18,876.0 points;
  • Up 5.33%, reported 3824.28 points, up 3.61% for the whole week, ending the eight-week losing streak;
  • It rose 4.53% to 6428.33 points, up 1.50% for the week.

Mainland real estate and property management stocks soared, Longfor Group (HK:) rose 17.24%, Country Garden Services (HK:) rose 12.96%, China Resources Vientiane Life (HK:) rose 10.29%, China Overseas Land and Investment (HK:) rose 8.28%, Country Garden (HK: ) rose 8.57%.

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Building materials stocks rose at the same time. Conch Cement (HK:) rose 4.77%, China National Building Material (HK:) rose 7.24%, and China Resources Cement Holdings (HK:) rose 6.71%.

Technology stocks generally rose, but Bilibili (HK:) (NASDAQ: ) fell 0.48%.

Cloud computing stocks led the rise among the constituent stocks of the SEC Index. Mingyuan Cloud (HK:) rose 14.75%, GDS (HK:) rose 11.58%, and Baidu (NASDAQ:) (HK:) rose 7.32%.

Meanwhile, Tencent Holdings (HK:)(OTC:) rose 5.96%. Alibaba (HK: ) (NYSE: ) rose 6.73%. JD.com (HK: )(NASDAQ: ) rose 6.54%. Meituan (HK: ) rose 7.80%.

Sporting goods stocks soared, Li Ning (HK:) rose 11.16%, Xtep International (HK:) rose 10.46%, Anta Sports (HK:) rose 7.25%.

Other consumer stocks also performed positively. Ctrip Group (HK:) rose 6.29%, China Resources Beer (HK:) rose 5.61%, Haidilao (HK:) rose 7.29%, and Tsingtao Brewery (HK:) rose 3.84%.

Auto stocks rose, Weilai (HK:)(NYSE:) rose 3.85%, Xiaopeng Motors (HK:)(NYSE:) rose 7.89%, Ideal Automobile (HK:)(NASDAQ:) rose 6.23%, BYD ( HK:) rose 4.52%, Geely Automobile (HK:) rose 5.44%, Great Wall Motor (HK:) rose 6.46%, Guangzhou Automobile Group (HK:) rose 3.52%.

TVB’s parent company, TV Broadcasting (HK: ), rose 47.63%. On May 31, TVB’s 9th live broadcast on Taobao, with the theme of “Miss Hong Kong”, was held from 5:00 p.m. to 2:00 p.m. After 9 hours of uninterrupted live streaming, the final sales of the show exceeded 100 million yuan (about 110 million Hong Kong dollars), and the cumulative number of viewers was nearly 10 million.

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Editor: Liu Chuan

2023-06-02 08:48:15
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