The Hang Seng Index broke through 28,000 points yesterday and opened 153 points higher at 28,024 points
However, the day’s high was fleeting, and then hovered around the Friday closing market, closing at 27,906 points, up 0.13% or 35 points. ; The market turnover shrank to 65.5 billion yuan. The HSI Volatility Index, known as the “panic index,” reported 12.93 points yesterday, the lowest level since July 2017 (see chart). The Hang Seng Index closed at 27,877 at 11 pm last night and was 29 points below the water.
Yesterday rose 35 points, the transaction shrinks to 65.5 billion
The H-Share Index rose 11,052 points yesterday, up 0.2%. The Shanghai stock index gave up 1.4% yesterday and lost 3,000 points, which also weighed on the performance of Hong Kong stocks. Today (24th) there is only a half-day market for Hong Kong stocks. The Shanghai-Shenzhen Stock Connect was suspended until Friday (27th), and Hong Kong Stock Connect is still trading. Pharmaceutical stocks outperformed the HSI yesterday, with Zhongsheng Pharmaceutical (1177) up 2.42% and CSPC (1093) up 2.08%. The State Council announced adjustments to import tariffs on various commodities, including zero tariffs on diuretic raw materials. China Unicom (0762) gave back 1.1%, the biggest blue chip decline.
Relay of second-tier mobile phone equipment stocks was speculated. Tongda (0698) rose 18.18%, Cowell Electronics (1415) rose 8.05%, and Truly (0732) rose 6.14%. Bosideng (3998) announced on Friday that it had repurchased up to 10% of its shares, up 8.22% yesterday. Virginie (2199) announced that Chairman Hong Youli increased his holdings to 72.86%, up 13.5% yesterday.
Analysis: Hong Kong stocks are lacking in direction. China and the United States reached the first-phase trade agreement with China and the United States
The market sentiment improved, but last week many attempts at 28,000 points failed to maintain a narrow range. The HSI Volatility Index, which reflects the expected volatility in the next 30 days, breaks through the mid-year low. Huang Yaozong, chief investment strategist at Lida A.M., believes that the index mainly reflects the end of the year, and does not fully represent the market’s reduced risk aversion, so the reference value is not great. Yesterday, the HSI fluctuated only 194 points. Huang Yaozong said that Hong Kong stocks lacked turnover and direction. The market was mainly driven by speculation.