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Dip Buyers Emerge For HK/China Equities, Offshore Flows Return

EQUITIES

Hong Kong and China markets have remained in focus today. Both markets opened weaker, but are now back in positive territory, with large trading ranges for the session so far. Trading has been more muted elsewhere. US futures are range bound, ahead of important earning results later this week. Eminis just sitting in positive territory for the session, last around 3810.

  • The range today on HSI has been over 3%. After opening lower (after yesterday's 6.36% fall) loss, dip buyers emerged, and we are now back to +0.5% the session. Ranges for the HSI tech sub index have been near 10%, with this index now around +2.7% for the session.
  • Onshore equities are higher, albeit with reduced volatility. The CSI 300 last around +0.90% for the session, while the composite index is up 0.75%.
  • There didn't appear to be fundamental catalyst for the turnaround in HK or China equity indices. Offshore investors have turned net buyers of China shares (+4.2bn yuan, after yesterday's record 17.9bn yuan outflow). Some technical support was also cited for the HSI, while the PBoC also announced measures which make it easier for domestic companies to raise funds offshore, although this looks to be more targeted at relieving yuan depreciation pressures.
  • Elsewhere, the Topix is up 1.3%, amid broad based gains. The Kospi is edging higher, last +0.40%, but the Taiex is lagging -0.90%.
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