The Hong Kong stock market continues to underperform the A-share market. Judging from the decline, rise, and subsequent fall of Chinese concept stocks last night, it seems that foreign capital's interpretation of the fiscal meeting on Saturday is below expectations. In this light, A-shares' solo rise yesterday suggests that domestic capital may be starting to take control of pricing power?
Interestingly, looking at the trading data of several popular technology stocks that have entered the Hong Kong Stock Connect (data from Futu), domestic capital is flowing out. Even the newly included $Alibaba(BABA)$ has seen a rare net outflow of domestic capital today. It's important to note that regardless of market fluctuations, while domestic capital sold other technology stocks, Alibaba has always seen net inflows (possibly institutions building positions).
There is a possibility that foreign capital is reshuffling in the Hong Kong stock market.
In recent days, Meituan, a heavyweight stock, has led the decline. This morning, a wave of volume released panic selling. As other stocks continued to fall, Meituan found its footing and rebounded. Judging by market value, resilience, and sentiment, $MEITUAN-W(03690)$ was the leader of the Hong Kong stock market's surge in the past few weeks. If it can stabilize today, it may lead a decent rebound in the Hong Kong stock market.
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