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Hong Kong Equities Unwind Early Bounce, HSI Backs Away From 100-day MA

HONG KONG STOCKS

Hong Kong equities have given up earlier gains with major indices now back in the red. The HSI did get close to the 100-day MA mark, just above 20350, but we are now back below the 20000 level. The tech sub index has had nearly a 4% retracement from opening highs.

  • Weaker ICBC earnings for Q1 have been a drag, like wise from the Vanke Group. A default by China property developer KWG is also weighing on the property sector (the company missed payments due on Friday).
  • This is outweighing May day holiday spending optimism from China and better than expected Q1 GDP results for Hong Kong (the government stated Q1 growth was 2.7% y/y, versus 0.5% forecast).
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