Hong Kong Stocks Make a Solid Start, On Track for Biggest Weekly Gain Since Nov 2022 on Corporate Earnings Optimism

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Hong Kong Stocks Make a Solid Start, On Track for Biggest Weekly Gain Since Nov 2022 on Corporate Earnings Optimism

South China Morning Post04-26

Hong Kong stocks opened on a strong note as positive earnings from top-tier Chinese companies and a rash of supportive policies had investors returning to Asia’s third-largest market.The Hang Seng ...

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Among other prominent gainers, Longfor Group rallied 7.5 per cent to HK$10.54 and electric-vehicle maker BYD advanced 5 per cent to HK$213.8.“ We have fine-tuned our numbers following the strong 1Q factoring in better margins,” said DBS analyst Pei Hwa Ho. “Coupled with its steady growth strategy and superior execution, CNOOC is highly regarded as one of the best oil price proxies.We believe the rally, fuelled by optimism over China’s SOE revaluation and rising oil prices, has further to run, particularly with ongoing geopolitical tensions.”Overnight, sentiment turned positive after stellar earnings from Microsoft and Google’s parent Alphabet, which fuelled a late surge in US technology stocks. That offset gloom from data that showed slower-than-expected economic growth and an inflation flare-up.A report from HSBC released on Thursday showed GEM (global emerging markets) funds have cut their underweight positions and turned neutral on China’s yuan-traded stock and Asian funds have significantly raised mainland China allocations to a seven-month high.The Hang Seng Index is the best performer among the key stock gauges globally this month with a 7 per cent gain. The turnaround came after a guideline document by China’s State Council urged reforms to boost the appeal of the capital market and the mainland’s securities watchdog pledged more support through strengthening the links with the onshore market. Better-than-estimated earnings from Hong Kong Exchanges and Clearing and Ping An Insurance have also added a dose of optimism to the market.“These reform measures are conducive to the high-quality development of the equity market and for boosting the valuations of stocks as a whole,” said Yu Xiao, an analyst Yongxing Securities. “For stock picks, we still recommend those companies with strong cash flows and tech names with government policy support.”Other major Asian markets were mixed. Japan’s Nikkei 225 climbed 0.1 per cent and South Korea’s Kospi rose 0.9 per cent, while Australia’s S&P/ASX 200 lost 1.3 per cent.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":5,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}