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<Research>CCBI: HK Stock Mkt Mid-Term Performance Slightly Beats; Southbound Capital Favours Growth Stocks
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CCBI wrote in its recent report that during the soon-to-end interim reporting season, the overall performance of the Hong Kong stock market slightly exceeded expectations, which has boosted recent structural market trends. The broker observed that companies surpassing expectations in this interim season were mainly concentrated in growth stocks such as internet platforms and tech hardware. As the profitability of growth stocks continues to recover, the broker believes that the market style will gradually shift from a previous value-oriented bias to a balanced allocation between growth and value stocks, which is also supported by recent southbound capital preferences. In August, among the active stocks in the Shanghai- and Shenzhen-Hong Kong Stock Connect, southbound funds clearly shifted towards growth stocks compared to the previous month. TENCENT (00700.HK) recorded overwhelming net southbound buying, with its stock price rising 7%, while HSBC HOLDINGS (00005.HK) saw the largest net southbound selling, with its stock price falling 2%. CCBI's statistics show that over the past month as of 26 August, the top five Hong Kong stocks with the highest net southbound buying included TENCENT, CHINA MOBILE (00941.HK), XIAOMI-W (01810.HK), CNOOC (00883.HK), and TRACKER FUND (02800.HK), with net buying of $9.764 billion, $1.999 billion, $1.551 billion, $1.305 billion, and $829 million, respectively. The broker's statistics also show that over the past month as of 26 August, the top five Hong Kong stocks with the highest net southbound selling included HSBC HOLDINGS, CHINA SHENHUA (01088.HK), CCB (00939.HK), MEITUAN-W (03690.HK), and PETROCHINA (00857.HK), with net selling of $2.245 billion, $1.534 billion, $768 million, $669 million, and $528 million, respectively. AAStocks Financial News |
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