The Hang Seng Index fell back to the Wanliu mark, short-selling funds increased, and the hot spots in the early stage have peaked and fallen | Hong Kong stock market weather vane
Feng Yi, Financial Associated Press
2024-01-10 19:35:35
Financial News Agency, January 10 (Editor Feng Yi) Hong Kong stocks closed down again today, and short-term sentiment was gloomy. As of the close, the Hang Seng Index fell 0.57%, the State-owned Enterprises Index and the Hang Seng Technology Index fell 0.52% and 0.76%.
Let’s take a look at today’s market hot spots. They are as follows: the Hang Seng Index has dropped to the 16,000-point mark, and short-selling funds have increased slightly; early hot spots have shown signs of peaking; the pharmaceutical and catering sectors have become active again.
[The Hang Seng Index drops to 16,000 points and short-selling funds increase slightly]
On the market today, heavyweight technology stocks had mixed gains and losses. Meituan bottomed out and rebounded 1.7%, Kuaishou rose 1.68%, Baidu and JD.com both closed up, Xiaomi and Tencent fell more than 1%, and Alibaba fell 0.65%.
In terms of other hot spots, the shipping sector of the Hong Kong stock market accelerated its decline, automobile stocks fell across the board, and semiconductor, financial, and gaming stocks performed sluggishly.
Among the sectors that rose today, the pharmaceutical and biological sectors led the gains throughout the day, catering stocks rose in the afternoon, and home appliances and sporting goods were relatively active.
Overall, the Hang Seng Index once again tested the 16,000-point mark after continuous declines, and is only one step away from the previous low of 15,972.31 points. In an environment where market sentiment is cooling, we need to be careful about the impact on market sentiment after breaking the level.
In addition, data disclosed by the Hong Kong Stock Exchange showed that a total of 608 Hong Kong stocks were short-sold on January 10, with a total short-selling amount of HK$8.272 billion. Today, the Hang Seng Index traded HK$74.514 billion, and the short-selling ratio increased slightly from previous days.
It is worth noting that Goldman Sachs predicts that the returns of the MSCI China Index and the CSI 300 Index in 2024 will be 17% and 19% respectively, mainly because corporate profits will increase by about 10%. It is also worth watching whether the optimistic forecasts of institutions can support the weak market.
[The hot spots in the early stage have fallen back and coal stocks have diverged from high levels]
In addition to the accelerated correction of shipping stocks today, other hot spots in the early market also showed signs of peaking.
Although the coal sector, which has been the strongest since the beginning of the year, continued to record profits today, internal divisions were serious. Medium and large coal companies generally fell, and many coal stocks even fell by more than 3%.
In addition, gaming stocks tried to rebound after continuous adjustments, but due to mixed internal gains and losses, the overall rebound was relatively weak.
[The pharmaceutical sector has become active again and catering stocks have entered the peak season of “New Year’s Eve dinner”]
Under the continuous adjustment of the Hang Seng Index, previously unpopular sectors such as medicine and catering have become active again, which may bring highlights to the subsequent market.
In terms of pharmaceutical stocks, two leading stocks, BeiGene (06160.HK) and WuXi Biologics (02269.HK), both rose by more than 6%, driving the collective strength of biomedicine and CRO concepts.
Everbright Securities pointed out that the warming of overseas financing in the third quarter of 2023 has led to an improvement in overseas CRO order indicators, which may trigger a warming of market expectations for pharmaceutical stocks.
On the other hand, catering stocks also started suddenly this afternoon, and individual stocks rose significantly, which obviously attracted the attention of funds.
In terms of news, as the Spring Festival approaches, the “New Year’s Eve dinner season” in the catering industry has begun, and many offline catering brands have also reported that store bookings are good.
Zheshang Securities said that compared with 2019, the zero recovery rate of catering companies in the first 11 months of 2023 or above exceeded 120%, and the recovery trend is expected to continue.
Warning from the financial community: The content, data and tools in this article do not constitute any investment advice and are for reference only and do not have any guiding role. The stock market is risky, so be cautious when investing!
2024-01-10 11:35:35
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