The Economic Information Daily reported on the 30th: U.S. Treasury bonds were continuously sold off overnight, with the 10-year Treasury yield peaking at 5.296%, hitting a 19-year high, and the 30-year Treasury yield reaching as high as 5.618%, a 24-year high. However, New York Fed President Williams said the Fed still has time to observe data before deciding whether to raise interest rates, causing rate hike expectations to ease slightly. Market sentiment was dull ahead of the holiday, with main board turnover at HK$88.8 billion. Nevertheless, northbound funds bought heavily before the long holiday, net buying HK$4.1 billion, helping to stabilize the market decline. The Hang Seng Index opened over 100 points lower this morning but did not break below the 24,300 level, rebounding with northbound support to close the morning session at 24,513, still down 10 points. The Hang Seng China Enterprises Index stood at 8,188, up 9 points or 0.1%. The Hang Seng Tech Index was at 4,243, down 6 points or 0.2%.
Biotech stocks attracted capital inflows ahead of the holiday, with major blue-chips collectively leading gains. CSPC Pharmaceutical (01093) rose 5.54% to HK$10, Hansoh Pharmaceutical (03692) gained 4.06% to HK$34.88, WuXi Biologics (02269) rose 3.55% to HK$55.4, WuXi AppTec (02359) climbed 2.69% to HK$213.4, China Biologic Products (01177) increased 2.52% to HK$5.69, and BeiGene (06160) advanced 2.3% to HK$222.8. Among constituents of the HSCEI, Akeso (09926) rose 2.26% to HK$108.7.
China will implement mortgage interest subsidies nationwide for first-time homebuyers starting October 1. Property stocks appeared to have rallied yesterday (29th) on speculative 'early ducks' activity, but pulled back this morning before recovering slightly during the session. Longfor (00960) fell 1.91% to HK$5.66, China Overseas (00688) dropped 1.35% to HK$13.19, China Resources Land (01109) rose 0.59% to HK$30.64, Country Garden (02007) gained 0.53% to HK$0.191, and Vanke (02202) advanced 2.31% to HK$2.875.
New York Fed President Williams said that if the economy develops broadly as expected, it might be appropriate for the Fed to raise rates once more later this year, but after the September hike, authorities do not need to rush into taking the next step. Property stocks traded mixed: Henderson Land (00012) rose 0.91% to HK$26.6, Sun Hung Kai Properties (00016) fell 0.28% to HK$107.6, New World Development (00017) declined 1.5% to HK$5.905, and CK Asset (01113) dropped 0.26% to HK$46.54.
Among tech and internet stocks, Meituan (03690) rose 2.34% to HK$72.1, Alibaba (09988) gained 0.09% to HK$106.3, Baidu (09888) fell 0.35% to HK$84.6, Kuaishou (01024) rose 0.86% to HK$30.5, and Tencent (00700) declined 0.97% to HK$427.8.
China's official manufacturing PMI for September rose to 50.1, in line with expectations, but domestic demand stocks remained weak. Midea Group (00300) fell 2.74% to HK$92.25, Mengniu Dairy (02319) dropped 1.45% to HK$17.62, China Resources Beer (00291) declined 1.38% to HK$18.59, and Li-Ning (02331) fell 1.12% to HK$12.39.
Hua Hong Semiconductor (01347) led blue-chip losses, plunging 3% to HK$103.5; China Life (02628) fell 2.64% to HK$28.04.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and WuXi Biologics. The top three in the HSCEI were Tencent, Alibaba, and Akeso. The top three in the Tech Index were Tencent, Alibaba, and Zhipu (02513), with Zhipu closing at HK$626, up 1.9%. (ey)
Biotech stocks attracted capital inflows ahead of the holiday, with major blue-chips collectively leading gains. CSPC Pharmaceutical (01093) rose 5.54% to HK$10, Hansoh Pharmaceutical (03692) gained 4.06% to HK$34.88, WuXi Biologics (02269) rose 3.55% to HK$55.4, WuXi AppTec (02359) climbed 2.69% to HK$213.4, China Biologic Products (01177) increased 2.52% to HK$5.69, and BeiGene (06160) advanced 2.3% to HK$222.8. Among constituents of the HSCEI, Akeso (09926) rose 2.26% to HK$108.7.
China will implement mortgage interest subsidies nationwide for first-time homebuyers starting October 1. Property stocks appeared to have rallied yesterday (29th) on speculative 'early ducks' activity, but pulled back this morning before recovering slightly during the session. Longfor (00960) fell 1.91% to HK$5.66, China Overseas (00688) dropped 1.35% to HK$13.19, China Resources Land (01109) rose 0.59% to HK$30.64, Country Garden (02007) gained 0.53% to HK$0.191, and Vanke (02202) advanced 2.31% to HK$2.875.
New York Fed President Williams said that if the economy develops broadly as expected, it might be appropriate for the Fed to raise rates once more later this year, but after the September hike, authorities do not need to rush into taking the next step. Property stocks traded mixed: Henderson Land (00012) rose 0.91% to HK$26.6, Sun Hung Kai Properties (00016) fell 0.28% to HK$107.6, New World Development (00017) declined 1.5% to HK$5.905, and CK Asset (01113) dropped 0.26% to HK$46.54.
Among tech and internet stocks, Meituan (03690) rose 2.34% to HK$72.1, Alibaba (09988) gained 0.09% to HK$106.3, Baidu (09888) fell 0.35% to HK$84.6, Kuaishou (01024) rose 0.86% to HK$30.5, and Tencent (00700) declined 0.97% to HK$427.8.
China's official manufacturing PMI for September rose to 50.1, in line with expectations, but domestic demand stocks remained weak. Midea Group (00300) fell 2.74% to HK$92.25, Mengniu Dairy (02319) dropped 1.45% to HK$17.62, China Resources Beer (00291) declined 1.38% to HK$18.59, and Li-Ning (02331) fell 1.12% to HK$12.39.
Hua Hong Semiconductor (01347) led blue-chip losses, plunging 3% to HK$103.5; China Life (02628) fell 2.64% to HK$28.04.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and WuXi Biologics. The top three in the HSCEI were Tencent, Alibaba, and Akeso. The top three in the Tech Index were Tencent, Alibaba, and Zhipu (02513), with Zhipu closing at HK$626, up 1.9%. (ey)
