The government helped people get on the bus
The property market policy proposed in the new Policy Address is good for the local property market. In the sound of many brokerages, the local property stocks continue to exert their strength. The five major real estate developers have even increased their market value by 35.7 billion yuan. New World Development (00017) soared 3.9% yesterday, the biggest blue-chip gainer, and rose 8.1% in two days. Apart from local property stocks, the property agency unit Meilian (01200) also sold more than 20%. Banking stocks expected to increase in mortgage business also performed well, driving Hong Kong stocks to record two consecutive gains, a record high of more than a month. The Hang Seng Index closed at 26,848 points, up 184 points (0.69%), which was close to the 27,000 mark. The H-Share Index rose 56 points (0.5%) to close at 10588 points; the market turnover was 72.2 billion yuan.
Hang Seng Index will raise 184 points and force 2,700 off
At 1:45 am, the Hang Seng Index reported 26,892 points, up 7 points and 44 points above sea level. The ADR Hong Kong stock market index was 26,832 points, 15 points lower than the closing price in Hong Kong.
Chief Executive Lin Zhengyue’s “Policy Report" released on Wednesday announced the relaxation of the ceiling for first mortgage insurance. Many brokers described the move as a positive surprise for real estate stocks, which is expected to stimulate the property market and support the stock price of real estate stocks dragged down by recent demonstrations. Motong pointed out that the most immediate effect of the relaxation of the first-floor property price ceiling is the increase in second-hand trading, which has turned the property market into a good mood and led real estate developers to sell first-hand property. The bank described the new measure as giving a gift to the owners. It is expected that the demand for buying flats will rise, but the supply of buildings has not increased significantly, and the rise in property prices will become an inevitable result.
Another broker, UBS, mentioned that the relaxation of mortgage insurance will reduce the proportion of the first-time passengers’ first-phase payment, which will drive the property market to become a positive catalyst for local property stocks, which will help narrow the net asset value discount of real estate stocks. However, the bank continued to maintain the forecast that property prices will fall by 5% in the next 12 months. Bank of America Merrill Lynch said that the demonstrations are still uncertainties in real estate stocks, but the new measures are expected to help support property prices, and investors’ sentiment towards local property stocks will improve.
Macquarie is more conservative. Although the bank believes that lowering the first phase will stimulate the property market, it will help the property stocks to get out of the market earlier. However, it is not necessary to pay the middle class that can get on the train in the first phase. They are more likely to afford property prices, especially in the context of economic downturns and unpredictable interest rate movements. Relaxing the property market policy is a “dangerous move".
Midland pumped up 20% of bank stocks
Real estate stocks continued to maintain strength after a number of brokerages sang. The top five property developers have risen 2.3% to 8.1% in the past two trading days. The property agency US Federal Reserve also rushed to 0.23 yuan (20.4%) yesterday. , closed at 1.36 yuan. Banking stocks were also sought after. HSBC (00005) acted as a locomotive for the market. It rose 1.3% yesterday and contributed 37 points to the HSI. Hang Seng (00011) and BOC Hong Kong (02388) rose 1.85% and 1.3% respectively. However, Citi reminds that relaxing the insurance may indirectly affect the bank’s asset quality and increase credit risk.
Feng Shiwen, managing director of Changjiang Securities Asset Management (Hong Kong), believes that the Hong Kong stock market has a good atmosphere in the near future. The Sino-US trade war has reached the first stage agreement. It is expected that there will be no major bad news in the short term. The Hang Seng Index will challenge the 27,000 level in the next week. .
The mainland stock market developed individually. Although the Shanghai Composite Index fell for 3 consecutive days, the decline has seen a slowdown. It closed at 2977 points yesterday and fell slightly by 1. Shencheng rose 3 points to close at 9645 points; the two cities traded 361.2 billion yuan. For the sixth consecutive trading day, funds have flowed into A-shares, and Shanghai and Shenzhen Stock Exchanges have net purchases of RMB 1.74 billion yesterday; “Hong Kong Stock Connect” had a net inflow of nearly RMB 1 billion yesterday.