Hong Kong Stocks Poised for Bear Market as Growth Risks Mount

The Hang Seng Index, where a majority of the members are mainland firms, closed little changed after falling more than 2% earlier, which took losses since a January high to 21%. A gauge of Chinese tech stocks gained 0.8%, flipping from a 2.5% loss.

“The contagion risks from the real estate sector and trust defaults are a big concern,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “The economy is clearly struggling and it increasingly looks like the government may not have the tools to arrest it.”The picture emerging from property agents and private data providers suggest the slump in the real estate market may be worse than official reports show.

Analysts pointed to excessive selling in recent days to explain the rebound Thursday. The Hang Seng Index saw five sessions of consecutive losses and its 14-day relative strength index is around 33, close to the level of 30 that suggests shares are oversold. The gauge is among the year’s worst performers in 92 major indexes tracked by Bloomberg, having lost more than 7%.

Some exchange-traded funds, however, have seen inflows despite the broader market weakness. The Huatai-Pinebridge CSI 300 ETF, which tracks the onshore benchmark, has seen positive flows in all but one day this month, according to data compiled by Bloomberg.

France Dernières Nouvelles, France Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Hong Kong Rental Market Boosted by Chinese Taking Up Top Talent Pass VisasAn influx of mainland Chinese taking advantage of a new visa program to work in Hong Kong is helping buoy rents in the city to the highest level in almost two years, reversing a downward trend that started during the pandemic.
La source: BNNBloomberg - 🏆 83. / 50 Lire la suite »

Stocks mixed as Target jumps, Fed minutes on tap: Stock market news todayStock indexes were looking to rebound from a day that saw each lose more than 1%.
La source: YahooFinanceCA - 🏆 47. / 63 Lire la suite »

Energy and base metal stocks help lift S&P/TSX composite, U.S. stock markets downTORONTO — Strength in energy and base metal stocks helped lift Canada's main stock index in late-morning trading, while U.S. stock markets edged lower. The S&P/TSX composite index was up 19.97 points at 19,919.04.
La source: SooToday - 🏆 8. / 85 Lire la suite »

Scotiabank analyst sees big second half ahead for copper mining stocksDaily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
La source: globeandmail - 🏆 5. / 92 Lire la suite »

Premarket: Global stocks slip on China data, European shares recover some groundConcerns about the health of China’s economy continues to weigh on global sentiment
La source: globebusiness - 🏆 31. / 66 Lire la suite »