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China & Hong Kong Equities Edge Lower Ahead Of Key Policy Meeting

ASIA STOCKS

Chinese and Hong Kong equity markets are lower today with the Hang Seng China Enterprises Index nearing a technical correction after falling as much as 1.6%. The CSI 300 Index has declined for the fifth straight day, continuing its longest losing streak since early 2012. Investors are cautious ahead of a key meeting of China's top leaders and are not expecting any major stimulus announcements. Geopolitical uncertainties and a patchy economic recovery are further dampening sentiment, with major indices such as the MSCI China Index and Hang Seng Tech Index already in correction territory.

  • Hong Kong equities are lower today, the HSTech Index is down 0.25%, Property indices are struggling this morning with the Mainland Property Index off 1.37% today, while the HS Property Index is down 1.34%, the wider HSI is off 1.16%.
  • China equity markets are faring slightly better than Hong Kong equities. The CSI 300 is currently down 0.40%, while small-cap indices the CSI 1000 is down 1.30% the CSI 2000 is down 1.80% while the growth focus ChiNext is down 0.56%.
  • China's central bank did not buy gold for a second consecutive month in June, maintaining reserves at 72.8 million troy ounces, following an 18-month buying spree that contributed to record-high gold prices. Analysts expect purchases to resume as China diversifies its reserves amid geopolitical and financial risks, despite recent declines in gold prices from its May peak.
  • Country Garden delivered 154,500 units from January to June 2023, according to a statement on its website. Chairwoman Yang Huiyan emphasized that the company's primary focus for the second half of the year will remain on ensuring the delivery of homes. Hong Kong developers New World and Far East Consortium are selling apartments in The Pavilia Forest I at the lowest price in eight years for the Kai Tak district, at an average of $2,200 sq foot. This pricing represents nearly a 30% discount compared to other projects in the area. The developers face challenges in quickly selling units amid high inventory and competition, as high borrowing costs have deterred homebuyers despite the removal of extra taxes earlier this year.
  • Looking ahead we have China CPI & PPI are expected on Wednesday.
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