June 06, 2024 03:01 GMT
Hong Kong & China Tech Stocks Surge Higher, Property Falls
ASIA STOCKS
Hong Kong & Chinese equities are mostly higher today, is has been a quiet past week for local markets. Property remains front and center on investors minds, with the BI property gauge falling 20% from recent highs as doubts remain on Beijing’s efforts to bolster the sector while developers’ liquidity pressure still persists as sales remain weak.
- Hong Kong equities are higher today, tech stocks are the top performing largely tracking moves made overnight in the US after the Philadelphia Semiconductor Index finished the session up 4.50%. The HSTech Index is up 1.75% and is now trading back above all EMAs, while the RSI is back above 50. Property is underperforming wider markets today with the Mainland Property Index is down 1% and the HS Property Index is up 0.20%, the wider HSI is currently trading 0.90% higher.
- China equites are slightly lagging their HK peers , small-cap indices are the worst performing with the CSI 1000 down 1.10% and the CSI2000 down 2.70% while the Growth focused ChiNext Index is up 0.15%, the large-cap CSI 300 is up 0.63%
- In the property space, Greentown China has repurchased $150 million of its 2.3% credit enhanced bonds due 2025, representing 37.5% of the originally issued amount, leaving $250 million outstanding, with the bonds backed by an irrevocable standby letter of credit from China Zheshang Bank.
- The Shanghai and Shenzhen stock exchanges are considering suspending granular market data feeds to institutions, including quantitative funds, to combat market volatility, according to Reuters.
- (MNI): MNI China Press Digest June 6: NIM, Car Sales, Carbon (See link)
- Looking ahead: Tomorrow we have China Trade Balance data.
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