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HK Equities Play Catch Up, CSI300 Unable To Break 200-Day EMA

ASIA STOCKS

Hong Kong equity markets have surged higher today after returning from a two-session break, tracking moves higher made by onshore markets on Monday. The gains come after data out on Sunday showed a jump in PMI with manufacturing PMI coming in at 50.8 vs 50.1 expected and up from 49.1 in Feb, while investors piled into onshore stocks via northbound connect for two consecutive months as of march. China Vanke falls on a decline in net income, while denying fraud claims.

  • Hong Kong markets have surged higher led by the tech space with the HSTech Index up 2.28%, the Mainland Property Index is up 1.66%, while the HSI is up 2.29%, as the market plays catch-up to onshore China markets after being closed the past two sessions. In China, markets are mixed with the CSI300 now down 0.37%, while the small-cap CSI1000 is down 0.26%, the Growth Index ChiNext is down 0.21%
  • The CSI300 is currently just hovering just below the 200-EMA of 3595, a level it broke below back in July 2021 and has been unable hold back above since.
  • In the property space, China Vanke, has fallen 3.7% after reporting a 46% fall in it 2023 net income and missing estimates, while the company also refutes allegations made by some Shandong-based partner companies against the company and Chairman Yu Liang, stating they are untrue. Vanke acknowledges being in a judicial procedure with Yantai Bairun Property Co., one of the local partners, and asserts its commitment to take legal actions to protect its legal interests. The accusations, including misuse of funds, usury, tax evasion, and money laundering, were made by the Shandong-based partners, as per a joint statement on a WeChat account of one of the joint venture partners. While finally the company plans to exercise the redemption option on the 3.4% 1b yuan bond due May 2026, according to a filing late Monday.
  • (Bloomberg) -- Vanke Leads Slide in China Developers After First Sell Rating (see link)
  • Looking ahead. China has Caixin China PMI Composite & Services on Wednesday
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