[ET Net News Agency, 05 April 2024] The Hang Seng Index reported a decline of 118 points
or 0.7% to 16,606 points in the morning session. The main board recorded a trading volume
of nearly HKD 42.3 billion. The Hang Seng China Enterprises Index reported a decline of 64
points or 1.1% to 5,810 points. The Hang Seng Tech Index reported a decline of 43 points
or 1.3% to 3,416 points.
The top three traded stocks on the Hang Seng Index are Tencent (00700), AIA (01299), and
Alibaba (09988). Tencent closed at HKD 307.4, down HKD 1 or 0.3%, with a trading volume of
HKD 2.243 billion. AIA closed at HKD 53.55, up HKD 0.55 or 1%, with a trading volume of
HKD 1.695 billion. Alibaba closed at HKD 69.75, down HKD 0.6 or 0.9%, with a trading
volume of HKD 1.445 billion. The top three traded stocks on the Hang Seng China
Enterprises Index and the Hang Seng Tech Index are Tencent, Alibaba, and Meituan (03690).
Meituan closed at HKD 99, up HKD 0.05 or less than 0.1%, with a trading volume of HKD
1.092 billion.

"Nip Chun Pong: market cools down after earnings season"

With the A-share market closed, trading volume in the Hong Kong stock market has
decreased, with a total trading volume of just over HKD 42 billion in the first half of
the day. The Hang Seng Index has been relatively weak, at one point declining by over 200
points. Nip Chun Pong, the Chief Strategist at Blackwell Global Asset Management, told ET
Net News Agency that overall earnings performance during the earnings season was
favourable, which boosted market sentiment at the beginning of the month. However, there
is currently no further news or speculation to drive the market, resulting in a slight
pullback. He mentioned that the Hang Seng Index is currently fluctuating around 16,500
with a range of 300 points and will be waiting to see if any national policies are
implemented to drive the market's trading volume back above HKD 100 billion.

"There is a low chance for HSBC to sell German business"

There have been market rumours about HSBC (00005) selling its German business, but Group
Chairman Mark Tucker responded by saying that the sale of the German business is just a
rumour or media speculation, and there have been no official announcements. HSBC's stock
price rose against the market this morning, increasing by over 2% and reaching a new
six-year high at HKD 63. Nip Chun Pong mentioned that, given the current high-interest
environment in the United States, it is generally favourable for HSBC, and the spinoff of
businesses helps unlock value. However, HSBC has previously indicated that it has no
intention to spin off its Eurasian business, so the chances of selling the German business
are relatively slim.
In terms of stock price, Nip Chun Pong stated that HSBC reached HKD 63 today, and it is
expected to target HKD 65 in the future. However, if it fails to break the resistance
level of HKD 65 in the next three trading days, holders should consider taking profits and
the stock price may test the support level of HKD 60.