Free Trial

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).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.