Alibaba, HSBC Push Hang Seng to 4-Week Low on Valuation, Recovery Concerns

South China Morning Post2023-04-25

‘The market simply doesn’t have confidence in the current recovery,’ says Wang Qi at MegaTrust Investment, citing excessive valuations, among othersSo far, Chinese onshore companies that trailed 2022 ...

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stewardjames
2023-04-25
stewardjames
Buy, buy, buy
BlueBear
2023-04-25
BlueBear
Say what u want. I am buying

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Photo: APHong Kong stocks fell to a four-week low, led by tech leaders including Alibaba Group, as some investors cautioned valuations may have risen well ahead of earnings and economic recovery in mainland China.The Hang Seng Index slumped 1.4 per cent to 19,684.49 at 10.30am local time, the lowest level since March 28. The Tech Index tumbled 2.9 per cent, while the Shanghai Composite retreated 0.2 per cent.Alibaba Group declined 2.6 per cent to HK$84.65 while Tencent Holdings slipped 2.3 per cent to HK$337. HSBC dropped 0.8 per cent to HK$55.50 and developer Longfor Group lost 0.5 per cent to HK$22. Gains of 1 per cent to 1.7 per cent in China Life, CK Hutchison and CNOOC tempered losses.“The market simply doesn’t have confidence in the current recovery,” Wang Qi, CEO of MegaTust Investment in Hong Kong, said in a recent note to clients. “A recovery may already be priced in for some sectors, like the airlines and duty free shopping. 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I am buying&nbsp;","listText":"Say what u want. I am buying&nbsp;","text":"Say what u want. 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