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<Research>Haitong Int'l: Alibaba May Shore Up HK Stocks in ST; Mkt Expected to Return to Gyrations After Rebound; Southbound Funds Continue to Flow into Dotcoms
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Haitong International recently released a strategy report on Hong Kong stocks, saying that reduced liquidity and exchange rate pressure on Hong Kong stocks would provide a short-term boost in sentiment, though close attention is still needed on onshore and offshore liquidity. The broker expected market sentiment to improve but with limited room. Alibaba (BABA.US) surged nearly 13% after its results release, which may shore up Hong Kong stocks for a short period. However, considering that both A-shares and US shares are nearing their peak stages, Hong Kong stocks are expected to return to volatility after a rebound. In terms of individual stocks, large internet stocks continued to attract southbound funds last week, with BABA-W (09988.HK) seeing a significant net inflow increase to RMB5.6 billion, TENCENT (00700.HK) and MEITUAN-W (03690.HK) receiving net purchases of RMB1.9 billion and RMB2.6 billion respectively, while SMIC (00981.HK) was sold off by RMB1.6 billion. AAStocks Financial News |
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