Sino-Singapore Jingwei reported on January 26 that Hong Kong stocks opened higher on the first trading day of the Year of the Rabbit.
The Hang Seng Index closed up 2.37% at 22566.78 points, a new high since April 2022; the Hang Seng Technology Index rose 4.26% to 4763.61 points, continuing to hit a new high since July 2022.
On the disk, Internet technology stocks rose across the board. Xiaomi Group rose 12.48%, Bilibili rose 7.95%, Tencent Holdings rose 3.83% to recover HK$400, and JD.com rose 2.76%.
Real estate and property management stocks rose, with Dexin China up 10.96%, World Trade Services up 9.93%, KWG Group up 8.74%, Longfor Group up 8.2%, CIFI Holdings Group up 7.69%, and Country Garden Services up 6.18%.
Auto stocks rose sharply, Weilai rose 12.94%, Li Auto rose 12.16%, and Xiaopeng Motors rose 10.47%.
Film and television stocks rose collectively, Ningmeng Film and Television rose 7.32%, IMAX China rose 6.44%, and Huanxi Media rose 10.42%.
Ping An Securities stated that the recent large inflow of foreign capital into Hong Kong stocks is mainly driven by triple factors.
The first is from the fundamental analysis. The current domestic and overseas economies are divided, and the major overseas economies are facing different difficulties. The economy is expected to recover.
The second is from the perspective of valuation, comparing the valuations of major global stock indexes horizontally, Hong Kong stocks have relatively high valuations and cost-effectiveness, which stimulates foreign capital to increase investment.
The third is from the perspective of the exchange rate. Against the background of domestic economic recovery and overseas recession, the fall of the US dollar index has prompted a strong rebound in the RMB exchange rate. The continued strengthening of the RMB exchange rate has attracted foreign capital to increase allocations to Hong Kong stocks.
(Sino-Singapore Jingwei APP)
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)