Reporter Chu Lijun
html On September 28, the market trend of Hong Kong stocks was sluggish. As of the close, Hang Seng Index fell 3.41%, and the Hang Seng Technology Index fell 3.85%. It is worth noting that southbound funds are actively rushing to raise funds. net purchases 5.924 billion Hong Kong dollars throughout the day, which is also the 15th trading day of southbound funds in the 19 trading days since September.Looking back, since September, the Hong Kong stock market has seen a major pullback, which has attracted investors' attention. Specifically, as of the close of September 28, the Hang Seng Index fell by 13.55% during the period, and the Hang Seng Technology Index fell by 17.49% during the period.
In this regard, Chen Li, chief economist and director of the research institute of Sichuan Finance Securities, who was interviewed by a reporter from Securities Daily, said that since the beginning of this year, Hong Kong stocks have experienced a significant decline due to factors such as geopolitical conflicts, the new crown epidemic and tightening of overseas liquidity. In September, the Federal Reserve of announced that interest rate hikes 475 basis points, and overseas liquidity further tightened, triggering the spread of market panic. The valuation of Hong Kong stocks was hit hard, especially the high growth and high valuation of sector, which continued to be under pressure. After 's sharp pullback, the valuation of Hong Kong stocks is currently at a relatively low level, and its attractiveness in the global capital market continues to increase.
"The Hong Kong stock market maintained a relatively weak trend in September. fundamentals , the operating pressure of enterprises that occupy a relatively large impact in Hong Kong stocks has increased. In terms of capital, recently, major European and American economies have strong interest rate hikes, especially the rapid rise of the US dollar index has increased the pressure on the outflow of funds in the Hong Kong market. Hong Kong benchmark interest rate follows the U.S. raising the valuation level of Hong Kong stocks. At the same time, the impact of overseas geopolitical conflicts and fluctuations in the European and American markets also shows no sign of slowing down." Yuan Huaming, general manager of Huahui Chuangfu Investment, told reporters.
Faced with the pullback of stock prices, many Hong Kong stock companies have started repurchases. For example, on September 27, Tencent Holdings issued an announcement stating that the company repurchased 1.26 million shares of Tencent shares on the Hong Kong Stock Exchange on September 27, 2022, with a repurchase price range of HK$275.4 to HK$283.0 per share, costing a total of approximately HK$352 million. On the same day, Xiaomi Group also issued an announcement stating that the company repurchased 2.6 million shares today, with a repurchase price of HK$9.69 to HK$9.72, a total of approximately HK$25.22 million.
For Hong Kong stock companies to launch repurchase plans, Hu Bo, fund manager of Rongzhi Investment, said that repurchase has very positive and positive significance for listed companies to maintain stock prices, but the current position of Hong Kong stocks is still more affected by liquidity. Under the expectation of the global economic recession, if the liquidity in the United States begins to return to the local area, it will be difficult for Hong Kong stocks to perform well overall. But at the same time, for such a low-level listed company, if the dividend rate can be maintained, investors' returns can also be realized through dividends.
Regarding the future market, Chen Li said that considering the tightening of the current situation in geopolitical , the high uncertainty of the Federal Reserve's monetary policy and the global energy crisis, Hong Kong stocks may maintain a volatile market. In the medium and long term, it is expected that the domestic economy will maintain a steady recovery trend in the fourth quarter. In addition, the interconnection mechanism is constantly improving, and the steady inflow of southbound funds may boost the Hong Kong stock market. With the rebound of market sentiment, Hong Kong stocks are expected to emerge from the bottoming out and rebound.
"Several major uncertainties affecting the Hong Kong stock market need time to digest or eliminate. The short-term market is more likely to maintain volatile consolidation and wait for direction guidance. Hong Kong stock valuations are in a very low historical quarter. The chances of China's economy stabilizing and rebounding before or in the first half of next year are not small. If the impact of several uncertainties weakens by then, the medium- and long-term trend of the Hong Kong stock market should not be pessimistic. " Yuan Huaming said.
picture | Site Cool Heluo Baotu.com
production | Zhang Xin
review | Zhao Ziqiang
editing | Bai Baoyu
final review | Dong Shaopeng
