Latest news with #JasonChan
RTHK
11 hours ago
- Business
- RTHK
Hang Seng Index ends bad week with a rebound
Hang Seng Index ends bad week with a rebound The Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. File photo: RTHK Hong Kong stocks rebounded on Friday but still logged their steepest weekly decline since April, as the lack of new stimulus measures this week weighed on investor sentiment amid broader global tensions surrounding the Iran-Israel conflict. The benchmark Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. The Hang Seng China Enterprises Index rose 1.38 percent to end at 8,527.07 while the Hang Seng Tech Index rose 0.88 percent to end at 5,133.14. Across the border, the benchmark Shanghai Composite Index ended down 0.07 percent at 3,359.90 while the Shenzhen Component Index closed 0.47 percent lower at 10,005.03. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.84 percent to close at 2,009.89. The Hong Kong stock market had witnessed a steady recovery over recent weeks, rebounding from losses triggered by reciprocal tariffs imposed by US President Donald Trump. The benchmark Hang Seng Index has advanced 17 percent in the year to date. "The Lujiazui forum this week offered no new measures to boost the capital market, which was a potential letdown for some investors," said Jason Chan, senior investment strategist at Bank of East Asia. The two-day gathering of top financial regulators and market participants at the annual Lujiazui Forum wrapped up on Thursday, delivering few surprises for market participants. Sentiment is expected to remain weak, with the persistent risk of an escalation in Middle East tensions continuing to cast a shadow over markets, Chan said. "The market could stay range-bound in the short term." China kept its benchmark lending rates unchanged on Friday, as expected, after rolling out sweeping monetary easing measures last month to support the economy. For the week, the Hang Seng Index was down 1.5 percent, the biggest drop since the week of April 7, while the CSI300 Index was down 0.5 percent. (Reuters/Xinhua)
Mint
11 hours ago
- Business
- Mint
HK stocks log worst week since April as absence of fresh stimulus weighs
(Updates to market close) SHANGHAI, June 20 (Reuters) - Hong Kong stocks rebounded on Friday but still logged their steepest weekly decline since April, as the lack of new stimulus measures this week weighed on investor sentiment amid broader global tensions surrounding the Iran-Israel conflict. The Hong Kong stock market had witnessed a steady recovery over recent weeks, rebounding from losses triggered by reciprocal tariffs imposed by U.S. President Donald Trump. The benchmark Hang Seng Index has advanced 17% year-to-date. "The Lujiazui forum this week offered no new measures to boost the capital market, which was a potential letdown for some investors," said Jason Chan, senior investment strategist at Bank of East Asia. The two-day gathering of top financial regulators and market participants at the annual Lujiazui Forum wrapped up on Thursday, delivering few surprises for market participants. Sentiment is expected to remain weak, with the persistent risk of an escalation in Middle East tensions continuing to cast a shadow over markets, Chan said. "The market could stay range-bound in the short term." China kept its benchmark lending rates unchanged on Friday, as expected, after rolling out sweeping monetary easing measures last month to support the economy. China's blue-chip CSI300 Index closed 0.1% higher, while the Shanghai Composite Index lost 0.1%. Hong Kong benchmark Hang Seng was up 1.3%. For the week, the Hang Seng Index was down 1.5%, the biggest drop since the week of April 7, while the CSI300 Index was down 0.5%. Hong Kong's pullback was also exacerbated by fading interest from mainland investors. Their purchases via the Stock Connect scheme have slowed sharply in recent weeks, with net buying this week amounting to just 16 billion yuan ($2.23 billion) — only 20% of the peak recorded in April. The CSI Liquor Index rose 2.2%, leading gains onshore, after the index lost 12% this year on weak consumer demand and a government ban on civil servants dining out. Amid uncertainties related to China-U.S. trade friction, onshore share valuations may be range-bound at low levels near term, UBS strategist Lei Meng said in a note. "We expect limited downside, and potential upside catalysts mainly from stronger policy easing, the continual entry of medium or long-term funds and structural reforms," Meng said. Shares of "Blind Box" toymaker Pop Mart dropped nearly 4% after state media outlet People's Daily called for stricter regulation of the blind box industry, citing expert views. The stock has fallen 13% this week, but soared 165% this year. ($1 = 7.1837 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Sherry Jacob-Phillips)
Yahoo
12-05-2025
- Business
- Yahoo
Stocks, dollar up as investors wait for details on Sino-US trade talks
SINGAPORE (Reuters) -The United States and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit while Chinese officials said the sides had reached "important consensus." Wall Street stock futures climbed and the dollar firmed against safe haven peers on Monday as investors waited for a joint statement expected to be released in Geneva later in the day. Vice Commerce Minister Li Chenggang said it would contain "good news for the world." QUOTES: CHARLES WANG, CHAIRMAN OF SHENZHEN DRAGON PACIFIC CAPITAL MANAGEMENT CO, SHENZHEN "The weekend talks are better than expected. Both sides are under strong incentives, and pressure, to push forward trade talks. The U.S. is facing supply chain pressure, while China faces challenges in GDP growth. Both sides need to sit down to strike a mutually acceptable deal. "But the game will be a long process. Both sides need to determine areas of concession and persistence." JASON CHAN, SENIOR INVESTMENT STRATEGIST, BANK OF EAST ASIA, HONG KONG "If the two sides announce or establish a mechanism for regular talks going forward, or some substantial tariff cuts, then other U.S. trade partners or countries trying to make deals will have a reference point or an indicator. How the U.S.-China talks went shows what's the bottomline for both sides. "I think the talks should be quite positive and, if even China can make a deal, then other Asian countries like Japan, India, and Southeast Asian countries could follow and progress their own trade talks."
Yahoo
07-05-2025
- Business
- Yahoo
Chinese Stock Gains Fizzle as Focus Shifts to US Trade Talks
(Bloomberg) -- For all the excitement at the start of the day, investors in Chinese stocks ended Wednesday's session on a rather disappointing note. Most Read from Bloomberg Markets opened gap up, helped by news that Chinese and US officials are meeting to discuss trade later this week after a monthlong standoff. The central bank bolstered the mood, reducing its policy rate and lowering the amount of cash lenders must keep in reserve. But it seemed investors used those gains to take some money off the table with no certainty that the trade talks will go smoothly. In the end, the Hang Seng China Enterprises Index closed down 0.2% after rising as much as 2.4% in the morning. The CSI 300 Index, a benchmark for onshore shares, more than halved its advance to 0.6%. 'Investors are probably taking some profits,' said Jason Chan, a senior investment strategist at Bank of East Asia. 'The market is now turning to see the progress in trade talks. Investors may be more cautious that both sides may not be able to make a deal in the near term.' Onshore Chinese stocks and bonds have been notably stable in recent weeks, relative to turbulent global markets. Volatility in the CSI 300 Index fell to a record low last month. Still, the country's shares have underperformed some of their Asian peers, which have staged a sharp rebound since President Donald Trump's April 2 tariff onslaught, on concern over the impact of the trade war. The PBOC cut the seven-day reverse repurchase rate to 1.4% from 1.5%, according to Governor Pan Gongsheng. The central bank will also trim the reserve requirement ratio by half a percentage point, Pan said. China Securities Regulatory Commission's chief Wu Qing said the government will consolidate momentum in market recovery by supporting Central Huijin Investment Ltd. and other institutions to act as stabilization funds. The measures underscore a sense of urgency among Chinese officials as stiff tariffs threaten the country's economic growth goal for the year. Retail and catering sales expanded at a slower pace relative to last year with an increase of 6.3% during the Labor Day break, the Xinhua news agency reported earlier this week. The country's factory activity slipped into the worst contraction since December 2023 in April, revealing early damage from the trade war.
Yahoo
10-03-2025
- Business
- Yahoo
Mainland Chinese Investors Buy Record Amount of Hong Kong Stocks
(Bloomberg) -- Mainland Chinese investors bought an unprecedented amount of Hong Kong stocks on Monday, continuing to boost their holdings amid a tech-driven rally this year. NJ College to Merge With State School After Financial Stress Trump Administration Plans to Eliminate Dozens of Housing Offices Where New York City's Zoning Reform Will Add Housing Buffalo's Billion-Dollar Freeway Fix Is on Ice, But Not Because of Trump Inside the 'Not Architecture' of High Line Designers Diller Scofidio + Renfro They snapped up shares worth HK$29.6 billion ($3.8 billion) on a net basis, surpassing the previous record seen in early 2021, according to Bloomberg-compiled data going back to late 2016 — when trading links with the financial hub began. Chinese stocks listed in Hong Kong have been on a tear this year, thanks to the emergence of an artificial-intelligence model from startup DeepSeek that was considered a game-changer in the industry. A gauge of Chinese equities in Hong Kong has outperformed the onshore benchmark as the former houses some of the nation's biggest tech firms like Alibaba Group Holding Ltd. and Inc. Monday's inflows from Chinese buyers came as the Hang Seng China Enterprises Index slid 2.1% following a 5.9% rally last week. 'Mainland funds are keen on buying at the dips, as they still believe most of the Hong Kong tech stocks are still undervalued,' said Jason Chan, a senior investment strategist at Bank of East Asia. 'The major difference of views between foreign investors and Chinese mainland investors is that global investors are more concerned over the geopolitical risks and mainland investors are speculating more on favorable policy toward the AI industry.' The HSCEI gauge is up nearly 20% this year while the onshore benchmark CSI 300 Index has shed 0.2%. The rally in Hong Kong has come even as tariffs-induced trade tensions with the US have intensified. By setting an ambitious economic growth target of around 5% this year, China's ongoing annual legislative session that started last week also has fueled investors' hopes for stronger stimulus measures. Mainland investors have become more influential in the Asian financial hub. In February, they bought HK$153 billion of Hong Kong shares on a net basis, the second-largest monthly purchase on record. Southbound trading accounted for about 24% of the average daily turnover last month, versus 16% a year ago, according to Hong Kong Exchanges & Clearing Ltd. data. (Updates with details on market performance) How Natural Gas Became America's Most Important Export The Mysterious Billionaire Behind the World's Most Popular Vapes An All-American Finance Empire Drew Billions—and a Regulator's Attention Greenland Voters Weigh Their Election's Most Important Issue: Trump Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? ©2025 Bloomberg L.P.
