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HK & China Equities Mixed As Property Stocks Weigh On Market

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Hong Kong and Chinese equities are mixed this morning. Hong Kong stocks continued to decline as investors await the release of US CPI and the FOMC decision later today. Despite these losses, mainland Chinese investors have been steadily buying Hong Kong stocks, marking the 18th consecutive session of net purchases, with a significant total of HK$321.3 billion in net purchases this year. Chinese regulators are considering imposing tougher restrictions on how banks sell financial products to the public. This move could impact the distribution channels for the nation’s largest hedge funds, adding pressure to an industry already facing new regulatory challenges set to take effect in August.

  • Hong Kong equities are lower today, HSTech Index is down 1.10%, while the Mainland Property Index is down 2.25% and the HS Property Index is down 2.10%, the HSI is down 1.30%
  • China onshore equities are mixed today, the CSI300 Real Estate Index is down 0.50%, small-cap indices are lower with the CSI1000 is up 0.60%, the CSI2000 down 1.30%, while the CSI300 is unchanged.
  • In the property space, China’s daily new home transaction volume increased by more than 60% during the Dragon Boat Festival (June 8-10) compared to the recent May Day holiday, indicating a market recovery following market-boosting policies, according to Securities Times. However, on a year-on-year basis, the daily transaction volume in 30 major cities declined by 16% during the Dragon Boat Festival.
  • PBoC Governor Pan Gongsheng pledged to enhance the dual-pillar regulatory framework of monetary and macro-prudential policy, according to an article in People’s Daily. The PBOC aims to deepen market-oriented reforms of interest rates and exchange rates. Additionally, China Securities Regulatory Commission chief Wu Qing stated that the CSRC will expedite the development of a comprehensive capital market supervision system.
  • Earlier, China's PPI for May was -1.4% y/y vs -1.5% est, while May CPI was 0.3% vs 0.4% est.
  • (MNI) China Press Digest June 12: PBOC, Shipping Price, Emission (See link)
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Hong Kong and Chinese equities are mixed this morning. Hong Kong stocks continued to decline as investors await the release of US CPI and the FOMC decision later today. Despite these losses, mainland Chinese investors have been steadily buying Hong Kong stocks, marking the 18th consecutive session of net purchases, with a significant total of HK$321.3 billion in net purchases this year. Chinese regulators are considering imposing tougher restrictions on how banks sell financial products to the public. This move could impact the distribution channels for the nation’s largest hedge funds, adding pressure to an industry already facing new regulatory challenges set to take effect in August.

  • Hong Kong equities are lower today, HSTech Index is down 1.10%, while the Mainland Property Index is down 2.25% and the HS Property Index is down 2.10%, the HSI is down 1.30%
  • China onshore equities are mixed today, the CSI300 Real Estate Index is down 0.50%, small-cap indices are lower with the CSI1000 is up 0.60%, the CSI2000 down 1.30%, while the CSI300 is unchanged.
  • In the property space, China’s daily new home transaction volume increased by more than 60% during the Dragon Boat Festival (June 8-10) compared to the recent May Day holiday, indicating a market recovery following market-boosting policies, according to Securities Times. However, on a year-on-year basis, the daily transaction volume in 30 major cities declined by 16% during the Dragon Boat Festival.
  • PBoC Governor Pan Gongsheng pledged to enhance the dual-pillar regulatory framework of monetary and macro-prudential policy, according to an article in People’s Daily. The PBOC aims to deepen market-oriented reforms of interest rates and exchange rates. Additionally, China Securities Regulatory Commission chief Wu Qing stated that the CSRC will expedite the development of a comprehensive capital market supervision system.
  • Earlier, China's PPI for May was -1.4% y/y vs -1.5% est, while May CPI was 0.3% vs 0.4% est.
  • (MNI) China Press Digest June 12: PBOC, Shipping Price, Emission (See link)