10/10/2018-7

Hong Kong stocks fell for 26,000 on the 6th, and the market value of Tencent fell to the top ten in the world

US 10-year bond yields rose to 3.25 percent to drive funds to “fund" emerging markets, and the Sino-US trade war did not clear signs, Hong Kong stocks yesterday rallied above the 26000 mark, closing At 26,172 points, it fell 29 points or 0.1%, hitting a new low since July 12 last year. The Hang Seng Index fell 1615 points or 5.8% for 6 consecutive days. The proportion of shares fell yesterday was 56%, and the proportion of shares increased was 44%.

The Hang Seng Index reversed yesterday. After the market opened, it reversed downwards. It once fell 135 points, see 26067 points, and reached another 15 months low. It was 26,000. After that, it rose 164 points. See 26366 points all day high, but the market closed. Go back. Tencent (700) closed at 293.8 yuan and hit a one-year low of 1.7%. At the closing price, Tencent’s share price fell nearly 40% from this year’s high (476.6 yuan), and its market value fell below 2.8 trillion yuan. The top ten; Geely (175) September sales fell slightly on a monthly basis, the stock hit a 16-month low, closing 5.2%.

However, benefiting from the mainland’s RRR cut, the domestic banks generally stabilized. CCB (939) rose 0.5%, ICBC (1398) rose 0.8%, and Bank of China (3988) rose 0.6%. The mainland crude oil futures contract continued to rise, and it rose above 580 yuan, a record high. Many oil stocks ran out. CNOOC (883) rose 2.1%; PetroChina (857) rose 1.6%.

Hong Kong dollar interest rate

Emerging markets have led to capital outflows as the US dollar and US debts continue to be high. The emerging market crisis began to break out in the middle of this year. The Indian rupee fell below the 74.26 level yesterday, and the low reached 74.2713 against a dollar, a record low. The renminbi also continued to soften. The central parity of the Renminbi traded at 6.9 mark yesterday, hitting a new low of 16 months. In the past half year, the exchange rate of the RMB against the US dollar depreciated by nearly 10%. The Hong Kong dollar regained its position at 7.831, and the Hong Kong dollar interest rate rose across the board, with one-month interest rate rising for two consecutive months. According to the website of the treasury market association, the 1-month interbank interest rate (Hibor) related to the building rose to 1.8 liters, up to 1.8075%, for two consecutive trading days. The overnight interest rate rose to 1.3307%.

At present, the 10 antennas of Hong Kong stocks are close to falling below 20 antennas. The death crosses are recurring. The price-earnings ratio has fallen to about 10 times based on the closing price of the Hang Seng Index yesterday. Looking back at the 2008 financial tsunami and the 2016 A-share meltdown, the Hong Kong stock market’s earnings ratio fell to 8 times. Only then will the bottom pick up. If Hong Kong stocks fall by 8 to 9 times P/E, the HSI will see 21,000 points to 23,000 points.

In terms of new shares, the cold weather in the mainland has not hindered the listing of housing companies in Hong Kong. Since the beginning of the year, five small and medium-sized houses, such as Zhengrong Real Estate (6158) and Hongyang Real Estate (1996), have been listed in Hong Kong or will be listed soon. Foreign sources quoted sources as saying that Zhejiang real estate developer Dexin China also plans to list in Hong Kong before the end of this year, with a target of US$200 million to US$300 million (approximately HK$1.56 billion to HK$2.34 billion). The report also said that Chinese brokerage firm Shen Wanhongyuan intends to list in Hong Kong next year, raising US$1 billion to US$1.5 billion (about 7.8 billion to 11.7 billion Hong Kong dollars).