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EQUITIES: Hong Kong Equities See Profit Taking

EQUITIES
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Hong Kong's listed equities have seen a pullback this morning with the HS China Enterprises Index dropping 3.30%, snapping a 13-day rally driven by Beijing's stimulus measures. The HSI is trading 3.3% lower with tech stocks leading declines, HSTech Index down 6%. Investors look to be taking profits after a surge of over 30% from September lows. JPMorgan raised concerns in a note earlier about high valuations and the potential for weaker-than-expected fiscal stimulus.

  • The BBG China Property gauge is currently trading down 9% this morning, however still trades 130% higher than the September lows. Sunac -12.60%, CIFI -11.30%, China Jinmao -10% are the worst performers
  • China remains closed until Tuesday next week, while later today Hong Kong has Retail Sales out
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Hong Kong's listed equities have seen a pullback this morning with the HS China Enterprises Index dropping 3.30%, snapping a 13-day rally driven by Beijing's stimulus measures. The HSI is trading 3.3% lower with tech stocks leading declines, HSTech Index down 6%. Investors look to be taking profits after a surge of over 30% from September lows. JPMorgan raised concerns in a note earlier about high valuations and the potential for weaker-than-expected fiscal stimulus.

  • The BBG China Property gauge is currently trading down 9% this morning, however still trades 130% higher than the September lows. Sunac -12.60%, CIFI -11.30%, China Jinmao -10% are the worst performers
  • China remains closed until Tuesday next week, while later today Hong Kong has Retail Sales out