CNOOC Sees HKD1B Net Inflow from Southbound Trading
Southbound Trading Inflows: CNOOC, Xiaomi, and China Mobile saw significant net inflows of HKD1 billion, HKD1 billion, and HKD752.5 million respectively, while Alibaba, SMIC, and Tencent experienced outflows totaling HKD868 million, HKD234 million, and HKD172.1 million.
Short Selling Activity: Xiaomi had the highest short selling at $1.40 billion with a ratio of 23.381%, followed by Tencent at $1.90 billion and Alibaba at $1.76 billion, indicating high investor caution.
Market Performance: At market close, Southbound Trading recorded a net outflow of HKD0, accounting for 41.71% of the total transaction amount of HKD100.1 billion, reflecting a balanced trading environment.
Analyst Outlook: Nomura projects a 12% year-on-year growth for Tencent's 3Q Non-IFRS NP and has raised its target price, while Daiwa maintains a positive outlook on Chinese internet stocks, highlighting Tencent, Alibaba, and Trip.com as top picks.
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<Full-day Summary> HSI Falls 580 Points; HSTI Declines 122 Points; CCB and XIAOMI Drop Over 3%; NEW ORIENTAL, SHK PPT, HUABAO INTL, ZOOMLION, and HANG LUNG GROUP Reach New Peaks; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) fell by 580 points (2.1%) to 27,387, with significant declines in other indices, including HSTI and HSCEI, and a market turnover of $301.61 billion.
Active Heavyweights: Major stocks like CCB, Xiaomi, Tencent, and Alibaba experienced notable declines, with short selling ratios indicating increased market activity against these stocks.
Significant Declines: CSPC Pharma, Chinahongqiao, and Zijin Mining saw substantial drops of over 9%, reflecting a broader trend of falling stock prices among HSI and HSCEI constituents.
Gainers and New Highs: New Oriental and Huabao International were among the few gainers, with New Oriental hitting a new high, while several other stocks, including SD Gold and Jiangxi Copper, faced significant losses.
<Midday Update> HSI Falls by 498 Points; HSTI Declines by 105 Points; CSPC PHARMA Drops Over 12%; SHK PPT and HUABAO INTL Reach New Peaks
Market Performance: The Hang Seng Index (HSI) fell by 498 points (1.8%) to 27,469, while the Hang Seng Tech Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) also experienced declines of 1.8% and 2.1%, respectively.
Active Heavyweights: Major stocks like Xiaomi, Alibaba, and Tencent saw significant drops, with Xiaomi down 2.7%, Alibaba down 2.7%, and Tencent down 1.5%, alongside substantial short selling activity.
Notable Declines: CSPC Pharma and Zijin Mining faced sharp declines of 12.5% and 8.6%, respectively, with high short selling ratios indicating bearish market sentiment.
Gainers and New Highs: New Oriental and Huabao International were among the few gainers, with New Oriental up 3.6% and Huabao hitting a new high with a 6.2% increase.
