Hong Kong’s Stocks Rally Even With Key Chinese Investors Absent

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Bloomberg Notícia

Hong Kong,Chinese Investors

(Bloomberg) -- Hong Kong’s world-beating stock rally is showing no signs of letting up even with Chinese investors, a key buying force, out of action. Most...

-- Hong Kong’s world-beating stock rally is showing no signs of letting up even with Chinese investors, a key buying force, out of action.Jerome Powell Offered Markets a Reprieve. It Vanished in a Blink

“With even more uncertainty after the Federal Reserve meeting as to when the US will lower interest rates and the fact that earnings in the US could come in weaker than expected, we are seeing a continuing rise in interest in HK and Chinese equities,” said Ken Wong, an Asian equity portfolio specialist at Eastspring Investments Hong Kong Ltd.

On Tuesday, China’s ruling Communist Party vowed to explore new measures to tackle a protracted housing crisis, which remains the biggest drag on the nation’s economy, and hinted at possible rate cuts ahead.“The Politburo chatter around policy support is driving change in short-term sentiment,” said Matthew Haupt, portfolio manager at Wilson Asset Management. “Investors had a day to digest the Politburo headlines and the neutral Fed, not hawkish, gives space for the rally.

“I think Hong Kong stocks are still a clear buy,” said Jiang Liangqing, managing director at Zhuhai Greenbamboo Private Fund Management. “We have purchased growth stocks in the city and many of the tech names are still as cheap as cabbages.”

 

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