Hong Kong stocks fell for three consecutive trading days
The Hang Seng Index fell 543 points yesterday to close at 25,281 points. On the third day, it fell 839 points. The 50-antenna distance fell below 250 antennas, only 243 points apart, forming a final “ultimate death cross.”
Hong Kong stocks fell for three consecutive days, accumulating a drop of 839 points. (Zhong Xin Xin She)
Gaming stocks MGM plugs 4%
The Hang Seng Index has fallen 288 points since the market opened. After that, the downtrend has intensified, with a maximum of 553 points, a low of 25,270 points, and a close to the lowest level of the day. The HSCEI trend was similar. After the market fell 71 points, the decline continued to expand. It fell 162 points at most, and reached a low of 9,835 points. It closed down 151 points at 9,846 points.
The total turnover of Hong Kong stocks was nearly 84.4 billion yuan, and the short-selling volume was over 14.3 billion yuan. The short-selling ratio was 17.04%. However, Hong Kong Stock Connect (Shanghai) and Hong Kong Stock Connect (Shen) net purchases amounted to approximately $1.572 billion and approximately $849 million respectively. Among them, “North Water” net purchases exceeded $300 million from Construction Bank (00939) and Sunny Optical (02382). ), Tencent Holdings (00700) has a net purchase of more than 200 million yuan.
As many as 1,464 shares fell yesterday, and gambling stocks were one of the targets. Among them, He Chaoqiong as the co-chairman of MGM China (02282) shares fell 4.27%, and Sands China (01928) fell 3.59%. Brokerage JP Morgan Chase said that Macau’s average daily gaming revenue on the first eleventh day of this month was only about 790 million patacas, down 7-8% year-on-year, and far below the bank’s expectations. It is estimated that Macau’s gambling revenue will fall back in August. 4 to 6%.
Retail stocks also succumbed, and the stock price of Li Fu International (01212), which was chaired by Liu Yuhong, was 3.43%. Brokerage Citigroup lowered its core profit forecast of 3 to 4% for the three years from the beginning of this year, and its target price was 10.71%. For other retail stocks, Sa Sa International (00178) shares fell 4.86%, and Chow Tai Fook (01929) fell 5.08%.
Bank of China fell 13 days and accumulated 17%
According to statistics from the newspaper, nearly half of the 50 HSI constituent stocks have already had the “ultimate death cross”, CCB, ICBC (01398), Bank of Communications (03328), Bank of China (03988), HSBC Holdings (00005) and BOC Hong Kong (02388) is on the list. Among them, BOC Hong Kong shares fell 3.95% yesterday, falling for 13 consecutive trading days, raging 17.84%.
Honghui Asset Management Director and Investment Strategy Director Lin Jiaxuan said that the bank is the mother of Baiye. The weak stock price reflects the market’s concern about the global economic outlook. However, the current price may not reflect the continued poor earnings next year. The stock price is low and reasonable, and it is also called “the ultimate death cross.” I am afraid “appear one by one.”
Hong Kong stocks ADR rebounded 243 points
Looking ahead to the market, he bluntly said that even if there is a short-term technical rebound, the US exemption for local companies to sell products to Huawei will expire next week. From next month, Washington will officially increase tariffs on Chinese imports. Negative news may further pressure blue-chip stocks. The Hang Seng Index is not difficult to fall below the intraday low at the end of October last year. It is not suitable for the goods at present.
Guo Jiayao, vice president of Zhengrong Financial Business Department, believes that Hong Kong stocks are technically “oversold” and that the central bank will further print money to save the economy. The market still needs stocks to increase earnings. Therefore, even if the HSI has a chance to fall below last year’s low, it will “slow down”. The chances are small. He is optimistic about property management stocks and gas stocks, as the two sectors are less affected by macroeconomic fluctuations.
However, Hong Kong stocks American Depositary Receipts (ADR) followed US stocks higher on Tuesday, Tencent reported 341.53 yuan, 7.53 yuan higher than Hong Kong; Hong Kong Stock Exchange (00388) reported 234.67 yuan, 0.67 yuan higher, the ratio of the Hang Seng Index rebounded 243 points.