Two key days of Hong Kong stocks

The Sino-US science and technology war is on the verge of exploding, and all of them have wiped out the benefits of the mainland’s decentralization. Hong Kong stocks fell 377 points yesterday. At the closing price, the 250 antennas (29286 points yesterday), commonly known as the “Bear and Bear Line", were the first to appear “bears" since July 2016.

According to the investment community, Hong Kong stocks are plagued by two key events in the next two weeks: (1) US June 30 (this Saturday) will announce details of prohibiting Chinese investment in high-tech and technology-based companies in the US; (2) US July On the 6th (friday), the company officially imposed a heavy tax on China’s 34 billion US dollars worth of imported goods. Sino-US trade disputes continue, with the December 2016 low-measure gold ratio, the trend dragged down the stock market in the long-term test 0.5 times support (27,486 points).

US stocks continued to ferment the negative news of science and technology wars. Chinese-funded networks Alibaba and Weibo once fell more than 5%; US-owned subsidiary Alphabet also fell 2.5%, and the Dow lost more than 400 points in the early session. At 0:00 am, the night was reported at 28,741 points, down 212 points. Tencent (00700)’s American Depositary Receipt (ADR) fell 7.4 yuan compared with the closing price of Hong Kong yesterday. The overall blue-chip ADR performance was equivalent to the Hang Seng Index falling 80 points.

“The most negative news for the market in the short term is believed to be the US sanctions on restricting Chinese companies on June 30." Peng Yu, a large Chinese economist at ING Bank, explained that the US White House and Congress have a tendency to ban China from investing in US technology, meaning The delay in launching the measures is very low, coupled with the fact that the market has not yet clearly distinguished the impact of tariff collections and the prohibition on investment in the technology industry, and it has not understood the details, leaving the market riddled with uncertainties.

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According to Li Zhenhao, senior investment strategist at DBS Hong Kong’s Office of Investment Directors (North Asia), the yen is a currency that has risen against the market in many currencies in the Asia-Pacific region in recent days. The 10-year US Treasury bond has not risen further in response to the US interest rate increase expectations, reflecting the funds. Into the yen and the United States debt hedge, understand the market’s anxiety about the deterioration of Sino-US relations.

The People’s Bank of China announced on Sunday that it would release 700 billion yuan, but the news did not help the mainland banks. The four major state-owned banks in the “works, agriculture, and construction" line yesterday hit a record low for more than a month, and they have fallen by 20% from their high levels. China Merchants Bank (CMB) 03968) More than 23%. JP Morgan Chase reported that the mainland banks have fallen 4% in the past week and lag behind the market. They believe that the positive margin is not fully reflected. It is expected that the 50 points of this RRR will contribute 1% to 2% of the industry’s full-year profit. % increase and eased market worries about the quality of internal banking assets, reiterating the “positive” rating of mainland banks.

The Hang Seng Index closed at 28,961 points yesterday, down 377 points, and the market turnover was 107.3 billion yuan.