China & HK Equities Mostly Lower, Home Prices Fall Less Than Dec

Hong Kong & China equity markets opened higher this morning, but as we head into the break, equities is largely lower with the property sector outperforming.

• Hong Kong Equities were higher on the open, HSI trade up about 1%, before quickly reversing to now trade down 0.24%, tech names lead the decline today with the HSTech Index 1.00% lower, while property are outperforming after Jan House price data saw a slight improvement on the Dec outcomes, with the mainland property index up 0.90%
• China equities are mixed today, the CSI300 is down 0.13%, while the Shanghai Composite hit 3,000 for the first time, before heading lower to trade flat for the day.
• As has been reported earlier this week the CSRC has banned some institutional investors from selling stock on the open and close of market, however the CSRC on Thursday says although it has taken measures to regulate "abnormal trading" it has not restricted the selling of stock in the market.
• The number of foreclosed properties for sale in China rose 48% in January up from 37% a year earlier signaling the country's ongoing economic slowdown, while these foreclosed residential properties were sold at an average discount of 23% in January.