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China & Hong Kong Equities Head Lower, Property Rules Relaxed

ASIA STOCKS

Hong Kong and China equities are lower today, there has been very little in the way of headlines or economic data. Recently, Hong Kong equity markets have been outperforming since China announced measures to support them with the HSI now up 10.51% vs the CSI up just 3.41% over that period. The city of Shenzhen has relaxed home buying rules to help the struggling sectors while Investors have been buying onshore Chinese equities recently with flows via the northbound connect picking up while stock turnover in mainland equities has topped 1tln yuan for the fourth day on Monday, with high turnover a feature of prior rallies.

  • Hong Kong equities are mixed today the HSTech Index is down 2.00%, taking a break from it's recent 20% rally, the Mainland Property Index is up 0.28% while the wider the HSI is down 0.85%. China onshore markets are performing slightly better today with the CSI300 down 0.17% still holding above the 200-day EMA, while small-cap indices the CSI1000 and CSI2000 are both down about 0.10%, and the ChiNext has erased earlier gains to trade down 0.30%
  • China Northbound saw a 9.31b yuan inflow on Monday. Equity flow momentum is strong in the short-term with the 5-day average at 6.87b, well above the 20-day average at 0.76b and the 100-day average at 0.77b yuan.
  • In the property space, the city of Shenzhen, has relaxed home buying rules in an effort to stimulate the struggling real estate market, joining other cities in similar efforts. The city has eased personal income tax and social insurance payment requirements for home buyers, allowing local families with two or more children to purchase additional homes in certain districts. This move follows previous measures implemented in February, reflecting ongoing concerns about declining home prices and property investment nationwide.
  • Looking forward, it is a quiet week for economic data in the region with Hong Kong and China Foreign Reserves are due out later today and China Trade Balance on Thursday
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