Hong Kong shares track Asia peers higher; tech rebounds, property up on housing plans

Reuters2021-10-07

Oct 7 (Reuters) - Hong Kong stocks on Thursday notched their biggest daily percentage gain in 10 weeks, tracking Asian peers higher, with technology shares rebounding while major property developers jumped after the financial hub’s leader unveiled a new housing policy.

The Hang Seng Index rose 3.07% to 24,701.73, the highest close in nearly three weeks, while the China Enterprises Index jumped 3.57% to 8,713.05.

Mainland Chinese markets were closed for a public holiday, and MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.9%.

Fund giant Fidelity is putting money back into Chinese stocks and thinks the recent “indiscriminate” selling caused by the debt crisis at Evergrande is presenting opportunities in the country’s beaten-up bond markets.

Meituan jumped 9.7%, Alibaba surged 7.3%, Tencent rose 5.6%, sending the Hang Seng Tech Index up 5.2% - the best day since Aug. 24.

“Considering the series of recent regulatory actions from the Chinese government, we don’t think that regulatory risks for Chinese companies are over. But we think that, following the downdraft in prices, the margin of safety provided among many Chinese ADRs more than adequately compensates investors for the added risks,” said Dave Sekera, Morningstar’s Chief U.S. Market Strategist.

Henderson Land led gains in Hong Kong property developers, surging 7.1%. Sun Hung Kai Properties, New World Development, Hang Lung Properties, and CK Asset climbed between 1.2% and 3%.

Hong Kong leader Carrie Lam announced on Wednesday plans of a Northern Metropolis on the border with the mainland’s technology hub of Shenzhen, covering 300 square kms (116 square miles). It is expected to have around 926,000 homes - more than half to be newly built - for some 2.5 million people

The blue-chip property sub-index rose 1.98% and the mainland index for the sector climbed 1.6%.

The financial sector gained 1.78% with Ping An Insurance leading the rise, surging 7%.

Brokers said investors were cautious ahead of the reopening of the Chinese market on Friday.

Chinese Estates jumped as much as 32.4% to a 4-month high after a major shareholder offered to take it private for HK$1.91 billion ($245 million).

Energy firms eased as oil prices dropped under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs.

CNOOC dropped 3.49% and PetroChina fell 2.42%, sending the energy sub index down 1.46% (Reporting by Donny Kwok; editing by Emelia Sithole-Matarise)

免责声明:本文观点仅代表作者个人观点,不构成本平台的投资建议,本平台不对文章信息准确性、完整性和及时性做出任何保证,亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

  • Tonica
    2021-10-07
    Tonica
    Continue tomorrow
  • DesmondChin
    2021-10-07
    DesmondChin
    Hahaha, before this they are the one singing negative momentum in china and would not come back anytime sooner, and now they are same person saying the selling is overdone and would come back and invest
    • boonk
      Analyst earlier post causing panicky selling.. And we innocent investors sell on rumours.. N same analysts may have been scooping low B4 coming up more market friendly analysis
    • DesmondChin
      As usual, big and greedy operators gaining on us
  • alexsander
    2021-10-07
    alexsander
    ic
  • Boliao
    2021-10-07
    Boliao
    Like pls 
  • moneymaker1
    2021-10-07
    moneymaker1
    Comment and like thanks
  • WTurtle
    2021-10-07
    WTurtle
    Finally going up
发表看法
7