From Forbes: 2024-04-26 11:37:33

This week, the Hang Seng and Shanghai Composite indexes moved into positive territory for the year. Asian equity indexes rose, except for Indonesia and Australia. UBS upgraded China stocks to overweight, and Goldman Sachs predicted a re-rating of Mainland stocks. The Loan Prime Rate remained unchanged. Hong Kong, China, Taiwan, and South Korea had strong performances while others struggled. China rally catalysts included new subsidies for trading in old cars for electric vehicles and positive news from the Beijing Auto Show. Real estate was the top-performing sector, while financials underperformed. Key News President Xi’s meeting with US Secretary of State Blinken was positive. The Hang Seng Index closed above its 200-day moving average, with strong performances from Tencent, Meituan, Alibaba, AIA, and Sense Time. Northbound and Southbound Stock Connects saw increased activity. Chinese investors started buying Chinese stocks, with the National Team making significant purchases. Stock gains were driven by good performances in real estate, technology, and consumer discretionary sectors. Southbound Stock Connect volumes were high, with Mainland investors making net purchases of Hong Kong-listed stocks and ETFs. Shanghai, Shenzhen, and the STAR Board had positive performances, led by real estate, technology, and consumer discretionary sectors. Utilities and energy underperformed. Northbound Stock Connect saw strong buying of Mainland stocks. Market performance was positive overall, with real estate, technology, and consumer discretionary sectors leading gains. In contrast, utilities and energy sectors lagged. Northbound Stock Connect saw significant buying of Mainland stocks. Exchange rates and bond yields remained stable, while commodity prices saw slight increases.



Read more at Forbes: Mainland Sees Massive Buying, Hong Kong Growth Flies, Week In Review