2024-10-04
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the energy sector performed strongly.
on october 4, hong kong stocks opened slightly lower, then fluctuated within a narrow range and surged higher. as of press time, the hang seng index rose 0.88% and the hang seng technology index rose 1.5%.
on the market, conceptual sectors such as diversified finance, chinese securities firms, and energy were among the top gainers.
energy stocks surge as middle east conflict heats up
international oil prices rose sharply overnight as the market worried about israel's retaliatory attack on iranian oil facilities. affected by this, the energy sector of hong kong stocks performed strongly today. china oil and gas holdings once rose by more than 80%, and so far it has risen by more than 56%; china petroleum corporation once rose by more than 70%, and currently it has risen by more than 40%; jintai energy holdings once rose by more than 50%.
in terms of news, us president biden admitted in response to media questions that he was discussing with israel the option of "attacking iranian oil facilities."
iran's islamic revolutionary guard corps announced on the evening of october 1, local time, that it would launch 200 missiles at military and security targets in israel in response to a series of attacks on israel. according to israeli media reports, the israeli government held high-level security consultations on the evening of the 3rd to discuss how to respond to iran’s missile attacks.
according to a report by israel's channel 12 tv station on the 3rd, israeli prime minister netanyahu held the latest high-level security consultation on the evening of the 3rd to decide how to respond to iran's large-scale missile attack on israel. the report stated that israel is expected to respond "within days" and that israel is considering "multiple options," including seeking to exert diplomatic pressure on the united states and western countries and demanding a new round of severe sanctions on iran.
previously, chief of staff of the israel defense forces halevi stated on the 2nd that israel would respond to iran’s missile attacks and that the israeli military has the ability to strike anywhere in the middle east. according to us media reports on the 2nd, israel may retaliate against iranian oil facilities and other strategic targets "within days".
chinese brokerage stocks continue to be strong
chinese brokerage stocks continued their strong trend in recent days and surged higher again today. as of press time, zhongzhou securities, shenwan hongyuan, hongye futures, and huarong financial holdings have risen by more than 20%, while china merchants securities, guolian securities, everbright securities, and china galaxy have risen by more than 10%.
the science and technology innovation 50 etf listed on the hong kong stock exchange-southern science and technology innovation board 50 rose again during the session today, once rising by more than 10%, and the current increase has narrowed to about 7%.
real estate stocks rise intraday
the real estate sector opened low and then quickly rose. as of press time, greenland hong kong, agile group, sino-ocean group, shimao group, etc. have risen by more than 10%, shell and zhengrong real estate have risen by more than 9%, and fantasia holdings has risen by more than 8%.
it is still cost-effective for foreign investors to add positions in chinese assets
huafu securities believes that the recent outstanding performance of chinese assets represented by hong kong stocks is the result of multiple factors. on the one hand, various domestic favorable policies have been frequently introduced, which has greatly boosted market confidence; on the other hand, the overseas federal reserve cut interest rates in september, and the global the liquidity environment tends to be loose at the margin, and in the early stages of the fed's interest rate cuts, global equity markets tend to benefit from the logic of the denominator and generally perform better.
tianfeng securities said that compared with the global market, chinese assets are still cost-effective. on the basis of expectations for gradual recovery and expectations for subsequent gradual improvement in fundamentals, current hong kong stocks and chinese concept stocks still have attractive valuations and a high risk-return ratio.
fredrik bjelland, portfolio manager of emerging markets fund skagen kon-tiki, said, "the rebound has a long way to go and china's valuations are attractive. in addition, global investors are very light compared to history." morgan stanley's laura wang said chinese stocks could rise another 10% to 15% as the chinese government may announce fiscal measures to boost already announced stimulus plans.
at the same time, foreign investors are also adding "real money" to their positions. on the evening of october 3, the latest information disclosed by the hong kong stock exchange showed that on september 27, jpmorgan chase bought china pacific insurance h shares for hk$267 million, byd h shares for hk$1.791 billion, tsingtao beer h shares for hk$242 million, and hong kong trading. the total value of h shares is hk$1.813 billion. this means that jpmorgan chase spent more than hk$4.1 billion in one day to sweep up chinese assets. in addition, data disclosed on the evening of october 2 showed that jpmorgan chase increased its holdings of ping an's h shares of china by hk$1.771 billion on september 26, and increased its holdings of china merchants bank's h shares by hk$895 million on september 25.