[ET Net News Agency, 12 January 2024] The Hang Seng Index reported 16,307 in the morning session, up 5 points or less than 0.1%. The main board's turnover exceeded HKD 40.5 billion. The Hang Seng China Enterprises Index reported 5,508, up 14 points or 0.3%. The Hang Seng Tech Index reported 3,492, down 10 points or 0.3%.
The top three traded stocks in the HSI were Tencent (00700), Meituan (03690), and AIA (01299). Tencent closed at HKD 290.8, up HKD 3.4 or 1.2%, with a turnover of HKD 2.607 billion. Meituan closed at HKD 76.6, up HKD 1 or 1.3%, with a turnover of HKD 1.294 billion. AIA closed at HKD 63.4, up HKD 0.35 or 0.6%, with a turnover of HKD 1.118 billion. The top three traded stocks in the Hang Seng China Enterprises Index were Tencent, Meituan, and Alibaba (09988). Alibaba closed at HKD 71.2, up HKD 0.35 or 0.5%, with a turnover of HKD 870 million. The top three traded stocks in the Hang Seng Tech Index were Tencent, Meituan, and Alibaba.
"Kingston Lin: market expectations for interest rate cut remain unchanged despite US inflation heating up"
The Hang Seng Index achieved its first day of gains for the year yesterday and continued to rise this morning, but the trend remains uncertain, with relatively small fluctuations in the first half of the day. Kingston Lin, a director of the The Hong Kong Institute of Financial Analysts and Professional Commentators Limited, told ET Net News Agency that even though US inflation in December was higher than expected, the reaction in the US stock market was not significant. This reflects that inflation data has little impact on the market, and the market's expectation of an interest rate cut by the Federal Reserve in the March meeting remains unchanged. With the release of December CPI data in the US and Mainland China, it is expected that market conditions will be relatively calm this month, and the trend is likely to be similar to the current situation.
He predicts that the Hang Seng Index will need to test below 16,000 before rebounding, as 16,500 has already presented significant resistance. He is also pessimistic about the possibility of the Hang Seng Index breaking through 17,000 without any supporting news.
"The decline in HSBC's stock is purely due to profit-taking"
After the US released inflation data, HSBC (00005) was significantly pressured, with intraday losses expanding to nearly 3%. Kingston Lin noted that it is rare for HSBC to drop over 2% at the opening, but he believes that the decline is not related to the US December CPI, and there are no significant news events at the moment. He estimates that the decline is mostly due to profit-taking. He mentioned that HSBC had previously accumulated significant gains, so it is normal for it to experience a pullback to the levels of the 50-day and 100-day moving averages.
Kingston Lin also mentioned that HSBC had been consolidating around HKD 60 earlier. If HSBC falls back to that range, it may be worth considering buying and holding until the announcement of full-year results.
The top three traded stocks in the HSI were Tencent (00700), Meituan (03690), and AIA (01299). Tencent closed at HKD 290.8, up HKD 3.4 or 1.2%, with a turnover of HKD 2.607 billion. Meituan closed at HKD 76.6, up HKD 1 or 1.3%, with a turnover of HKD 1.294 billion. AIA closed at HKD 63.4, up HKD 0.35 or 0.6%, with a turnover of HKD 1.118 billion. The top three traded stocks in the Hang Seng China Enterprises Index were Tencent, Meituan, and Alibaba (09988). Alibaba closed at HKD 71.2, up HKD 0.35 or 0.5%, with a turnover of HKD 870 million. The top three traded stocks in the Hang Seng Tech Index were Tencent, Meituan, and Alibaba.
"Kingston Lin: market expectations for interest rate cut remain unchanged despite US inflation heating up"
The Hang Seng Index achieved its first day of gains for the year yesterday and continued to rise this morning, but the trend remains uncertain, with relatively small fluctuations in the first half of the day. Kingston Lin, a director of the The Hong Kong Institute of Financial Analysts and Professional Commentators Limited, told ET Net News Agency that even though US inflation in December was higher than expected, the reaction in the US stock market was not significant. This reflects that inflation data has little impact on the market, and the market's expectation of an interest rate cut by the Federal Reserve in the March meeting remains unchanged. With the release of December CPI data in the US and Mainland China, it is expected that market conditions will be relatively calm this month, and the trend is likely to be similar to the current situation.
He predicts that the Hang Seng Index will need to test below 16,000 before rebounding, as 16,500 has already presented significant resistance. He is also pessimistic about the possibility of the Hang Seng Index breaking through 17,000 without any supporting news.
"The decline in HSBC's stock is purely due to profit-taking"
After the US released inflation data, HSBC (00005) was significantly pressured, with intraday losses expanding to nearly 3%. Kingston Lin noted that it is rare for HSBC to drop over 2% at the opening, but he believes that the decline is not related to the US December CPI, and there are no significant news events at the moment. He estimates that the decline is mostly due to profit-taking. He mentioned that HSBC had previously accumulated significant gains, so it is normal for it to experience a pullback to the levels of the 50-day and 100-day moving averages.
Kingston Lin also mentioned that HSBC had been consolidating around HKD 60 earlier. If HSBC falls back to that range, it may be worth considering buying and holding until the announcement of full-year results.