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HSI Once Free Falls 500Pts+ in Early Session; Brokers Tumble; CN Banks Yet Up
Recommend 45 Positive 107 Negative 28 |
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Mainland China's Consumer Price Index (CPI) lifted 0.4% YoY in September, while the Producer Price Index (PPI) dropped 2.8% YoY in the same month. The market is on the see-saw for the upcoming export data of China for last month. The Ministry of Finance (MOF) held a press conference last Saturday (12th) and stated that a package of targeted incremental policy measures would be launched in the near future, including support for local resolving hidden debts, supporting large state-owned commercial banks to replenish core tier-one capital, supporting the promotion of the property market to cease downfall with stability, increasing support and protection for key groups, and so on. The market had originally estimated that the authorities might introduce new stimulus policies worth RMB2 trillion to galvanize the economy, but no mention was made of the scale or amount of measures at the press conference last Saturday. A report by HSBC pointed out that the content of the press conference was still beyond the broker's expectations, despite absence of actual figures. Hong Kong bourse resumed trading today after a long weekend holiday. This morning (14th), the HSI opened 23 pts or 0.1% lower at 21,228. It last reported at 20,832, slumping 419 pts or 2%, with a transaction of $126.155 billion. H-share Chinese brokers, which had surged on M&A news last Thursday (10th), free fell this morning along with its A-share peers. The protagonist, GTJA (02611.HK), last stood at $11.04, down 9.95%, with turnover of $553 million. HAITONG SEC (06837.HK) last traded at $6.21, down 12.41%, with turnover of $439 million. Meanwhile, peer CITIC SEC (06030.HK) cratered 7.9% to $19.34, with turnover of $854 million. Other peers CICC (03908.HK), CSC (06066.HK), GF SEC (01776.HK), HTSC (06886.HK), EB SECURITIES (06178.HK) and DFZQ (03958.HK) slipped 6.2%-8.8%. CMSC (06099.HK) plunged 11.1% to $11.74, with turnover of $497 million, a total landslide of 54.9% from the all-time high set on Monday (7th). AAStocks Financial News |
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