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Hong Kong Stocks Poised for Bear Market as Growth Risks Mount

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Chinese stocks saw volatile trading as worrying signs mount in all corners of the economy.

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.

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