Hong Kong stocks rose 213 points, reappearing 100 billion transactions

Hong Kong stocks turned around on a three-day basis after a three-day losing streak. Stimulated by the news that the yuan rebounded and the new regulations on asset management in the mainland may be relaxed, the Hang Seng Index rebounded from the early hit of 27,745 points (low in 9 months) and rose in the afternoon. At 283 points, the market closed at 28,224 points, up 213 points, and the total number of weeks still fell by 300 points (about 1%).

Beishui Fuyong sweeps Chinese financial stocks

The market turned active, and the turnover of the main board increased to 100.3 billion yuan on Friday. For the first time in nearly three weeks, the turnover has exceeded 100 billion yuan. The Hang Seng Index closed at 28,304 points on Friday, up 80 points and 80 points high. As of 1:30 am on Saturday, the ADR Hong Kong stock index was 28,393 points, which was 169 points higher than the close on Friday.

After the Hang Seng Index opened nearly 44 points higher, the affected RMB suddenly rushed further, and it fell by 265 points at most, with a low of 27,745 points. Since then, the renminbi has rebounded rapidly. Hong Kong stocks have risen 283 points, with a daily volatility of 548 points. The market conditions have been slightly relaxed at 28,300 points, and the market’s gains have narrowed slightly to 0.76%. The China Enterprises Index closed at 10,682 points, up 159 points (1.51%), and fell 63 points (0.59%). The mainland stock market rebounded strongly. The Shanghai Composite Index closed at 2,829 points, up more than 2%. The Shenzhen Component Index closed at 9251 points, up 1.12%.

Mainland China has relaxed its asset management business requirements, and Chinese financial stocks have speculation. ICBC (01398) and China Construction Bank (00939) are up 2.77% and 2.39%. Chinese aviation stocks also rebounded from 3% to 4.3%. “Hong Kong Stock Connect” net purchase of 3.72 billion yuan on Friday, the funds mainly absorbed Chinese financial stocks, and pulled out Tencent (00700).

Luo Jiacong, chief economic and strategist of Bank of Communications in Hong Kong, said that the Hang Seng’s “base area” ranged from 27,700 to 29,000 points and fell to 27,745 points on Friday. In the short term, it has already bottomed out and the market rebounded to 29,000 points. The level should be no problem. Liang Zhenhui, head of investment strategy at Standard Chartered Hong Kong Wealth Management, pointed out that the market sentiment improved significantly on Friday, but it was not possible to confirm the turn.