Asian equity markets were mixed as China, South Korea, and Indonesia outperformed while Hong Kong, Japan, India, and the Philippines were lower.
Shanghai and Shenzhen gained +0.49% and +0.67%, with the former clearing the 3,200 index level last week while Shenzhen closed above 2,100 overnight for the first time since mid-September. The STAR Board gained +1.68% overnight though it lags the Shanghai and Shenzhen. One factor is that most STAR Board stocks aren’t readily available via Northbound Stock Connect. Foreign investors bought $1.386B of Mainland stocks overnight, bringing the year-to-date total to $13.
For the second day in a row, Hong Kong was after a rough day for US-China ADRs but didn’t fall as much. The Hang Seng and Hang Seng Tech were off -1.36% and -2.46% at intra-day lows but grinded higher, closing off -0.12% and -1.65%. A factor in US-China ADRs weakness was one story from a Mainland media source that the Chinese government would create a ride-hailing app that would compete with Full Truck Alliance and Didi. Many media sources pushed the story out, which hit the stocks hard.
Internet companies are having pre-quiet period conference calls with analysts before Q4 financial results in February. The key will be their outlook for Q1 and Q2 based on China’s reopening. Thus far, companies sound constructive in their outlook! Foreign direct investment in China increased +6.3% in 2022, according to a release overnight.
The Hang Seng and Hang Seng Tech fell -0.12% and -1.65% on volume -27.57% from yesterday, which is 73% of the 1-year average. 246 stocks advanced, while 244 stocks declined. Main Board short turnover declined -17.98% from yesterday, 73% of the 1-year average, as 17% of total turnover was short turnover. The top sectors were real estate -2.67%, materials +1.06%, and healthcare +0.79%, while energy -1.71%, tech -0.89%, and discretionary -0.86%.
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