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HK and China Equities Mixed Ahead Of Data, Li Auto Beats Estimates

ASIA STOCKS

Hong Kong and China equities have opened mixed on Tuesday, with property underperforming. After a strong past month as the CSI300 rallied 12% off lows and erasing the ytd loses, equities seem to be taking a break, northbound flows have mark two days of outflows, while investors may still hold concerns around China's willingness to support the market adequately. The iron ore price is also signally some concern around the Chinese economy, now 20% off highs from Jan 1.

  • Equities markets are mixed today and see-sawing again this morning. Tech names are the top performers with the HSTech index up 0.65%, while the Mainland Property index is down 1.20%. Li Auto (up 25%) is contributing most to the HSI after beating earnings, HSI up 0.10%. China equities slightly higher, with the CSI300 up 0.10% while the CSI1000 is up 0.30%
  • China Northbound flows were -1.30b yuan on Monday, as traders looked to book profits ahead of a busy week for global data and strong recent performance. The 5-day average of 3.15b sits above the 20-day at 2.37B.
  • The number of private funds each managing more than 10 billion yuan ($1.4 billion) shrank to 98 as of Feb. 26 from 104 at the beginning of the year, with a particular downsizing in quant funds, the Shanghai Securities News reports (BBG)
  • HK Financial Secretary Paul Chan is expected to ease curbs on property transactions and announce moves to lift tourism and attract more investment inflows when he releases the budget on Wednesday.
  • Looking ahead, Hong Kong has Trade Balance Data out later today.
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