2024-01-09 08:29:49
Hong Kong stock market closing comments: All three major indexes turned lower in the afternoon, and the KCI hit a new low. Shipping stocks fell sharply.
2024-01-09 16:29:49
On January 9, Hong Kong stocks continued to fall after rising in early trading. All three major indexes turned lower in the afternoon. The Hang Seng Technology Index once rose by 1.6%, and finally fell by 0.87% to continue to hit a stage low. The Hang Seng Index and the China National Index fell by 0.21% and 0.57% respectively. , both rose by more than 1% intraday.
On the market, large technology stocks fell across the board. Meituan fell 4.6% to continue to refresh its low price. Kuaishou and JD.com fell more than 3%. Tencent, Alibaba and NetEase all fell. The container shipping index fell to the limit and dragged down shipping stocks. Orient Overseas International once fell. Over 11% was the worst performance, with COSCO Shipping Holdings, COSCO Shipping Lines, and Sinotrans all falling; semiconductor stocks, mobile game stocks, oil stocks, Chinese real estate stocks, and property management stocks all performed weakly. On the other hand, auto stocks that have been falling continuously rebounded. Auto dealer stocks were among the top gainers. Copper stocks continued to be active. Home appliance stocks, biopharmaceutical stocks, and lithium battery stocks partially rose. Shareholding plans were launched again. Hisense Home Appliances rose in late trading. It expanded to close up 8.5%.
Specifically:
Most technology and Internet stocks fell. Meituan fell by nearly 5%, Kuaishou and JD.com fell by more than 3%, Tencent fell by more than 1%, Alibaba fell by about 1%, and Xiaomi and Baidu followed suit.
Mainland real estate stocks and property management stocks generally fell. Greentown China fell nearly 7%, Yuexiu Property fell nearly 3%, Sunac China fell more than 2%; Wanwuyun fell nearly 4%, C&D Property and Xincheng Yue Services fell more than 2%.
Kaiyuan Securities pointed out that according to data from the Housing Authority, in the first week of 2024, the transaction area of commercial housing in 64 cities across the country was 1.98 million square meters, a year-on-year decrease of 37% and a month-on-month decrease of 57%; from the cumulative value, the transaction area in 64 cities so far has reached 1.98 million square meters. square meters, a cumulative year-on-year decrease of 37%. The transaction area of second-hand housing in 17 cities across the country is 1.15 million square meters, with a year-on-year growth rate of -4% and the previous value of 41%; the cumulative transaction area since the beginning of the year is 1.15 million square meters, with a year-on-year growth rate of -4% and the previous value of 30%. The bank believes that the market’s general tone of “housing is for living, not for speculation” remains unchanged, and it will adapt to the new situation and use policies to “advance” to promote “stability” of the market. In the future, real estate policies will remain moderate and positive. Super-large cities are actively and steadily promoting the transformation of urban villages, and more counter-cyclical adjustment measures are expected to be implemented faster. The sector still has good investment opportunities, and the industry’s “optimistic” rating is maintained.
Many shipping stocks fell, with Orient Overseas International falling more than 7%, SITC International falling nearly 55%, and COSCO Shipping Holdings and Sinotrans falling more than 2%.
According to the news, in order to ease tensions in the Red Sea, the Houthis recently proposed a proposal to avoid the “militarization of the Red Sea.” They stated that as long as ships passing through the Red Sea declare “no relationship with Israel,” they will not be attacked. Yide Futures analysis pointed out that this has played a certain positive role in temporarily alleviating the Red Sea crisis. Some ships will choose to continue to pass through the Red Sea area. The reduction in transportation costs caused by the detour will weaken the support for freight rates.
Automobile stocks rose one after another. Leapmotor Auto rose nearly 4%, BYD and BAIC Motor rose more than 1%, and Xpeng Motors, Geely Automobile, and Brilliance China followed suit.
According to data from the Passenger Car Association, domestic retail sales of new energy passenger vehicles reached 945,000 units in December 2023, a year-on-year increase of 47.3%. In 2023, domestic retail sales of new energy passenger vehicles will reach 7.736 million units, a year-on-year increase of 36.2%.
Many pharmaceutical stocks strengthened. Kangfang Biologics rose nearly 7%, Ascletis Pharmaceuticals rose more than 5%, BeiGene rose nearly 4%, and Genscript Biologics followed suit.
According to incomplete statistics from public information, from January 1st to 7th, the domestic pharmaceutical industry has officially announced 9 cross-border cooperation projects, involving well-known multinational companies such as Novartis, AstraZeneca, Boehringer Ingelheim, Roche, and Bayer. For pharmaceutical companies, cooperation includes product licensing, investment, acquisition and other forms, involving popular varieties such as small nucleic acid drugs, antibody conjugate (ADC) drugs, and CAR-T therapy.
Coal stocks partially rose, with Yankuang Energy rising by more than 1%, China Shenhua rising by more than 1%, and China Coal Energy rising slightly.
SDIC Securities pointed out that the sector allocation is still cost-effective. On the one hand, the tight balance between coal supply and demand continues to exist under the “double carbon” background, and the coal price center is supported. Under the background of “double carbon”, coal companies have insufficient willingness and motivation to build mines, and the instability of wind and solar power generation means that subsequent economic development still needs to rely on traditional energy power generation. There is a certain energy inertia, which will lead to problems in the short and medium term. A situation in which coal supply is insufficient but demand remains strong. At the same time, it cannot be ignored that starting from the second half of 2023, accidents have occurred frequently in major production areas, and safety supervision pressure has continued to increase, which may limit the further release of coal mine production capacity. On the other hand, the obvious upward movement of the coal price center since 2021 has enabled companies in the sector to improve profitability and repair balance sheets in the process. Coal companies have sound fundamentals and the ability to pay dividends.
Changes in individual stocks
China Duty Free rose 4.17% to HK$2.85 per share, with a total market value of HK$147.406 billion. According to the news, the company’s net profit in 2023 will be 6.717 billion yuan, a year-on-year increase of 33.52%. Among them, the revenue in the fourth quarter was 167.39 yuan, a year-on-year increase of 11.09%; the net profit attributable to the parent company was 1.51 billion yuan, a year-on-year increase of 275.62%. The agency said that China Duty Free’s Q4 performance slightly exceeded market expectations and profitability continued to improve.
Today, the net sales of southbound funds were HK$4.036 billion, of which the net sales of Southbound Trading (Shanghai) were HK$1.572 billion and the net selling of Southbound Trading (Shenzhen) was HK$2.464 billion.
Looking forward to the market outlook, CICC pointed out that both Hong Kong stocks and A-shares performed poorly in the first week of the new year due to factors such as overseas unfavorable factors (rising 10-year U.S. bond interest rates) and concerns about domestic growth and policy prospects. It is true that the sharp retracement of the market, especially the growth sector, can be partly attributed to higher U.S. bond interest rates, but the bank believes that domestic factors are still the main reason for the rapid decline of the rebound. The bank reiterated its previous view that further policy support, especially fiscal policy support, remains crucial for the Hong Kong stock market to reverse the current situation. Otherwise, even if the Fed cuts interest rates, the short-term rebound may still be unsustainable.
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