China News Service, Hong Kong, September 16 (Reporter Wang Jiacheng) Hong Kong's Hang Seng Index fell for 4 consecutive days, with a cumulative drop of more than 1,500 points. On the 16th, the single-day drop was 1.5%, down 365 points, and fell below 25,000 points to 24,667 points, a record last year. The market closed at a new low since November 2.
The market turnover was 150.8 billion yuan (HK$, the same below).
The Hang Seng Technology Index fell 65 points throughout the day to close at 6,232 points, a decrease of 1.0%; the China Enterprises Index fell 130 points throughout the day, to close at 8805 points, a decrease of 1.5%.
Zhang Zhiwei, co-director of Xincheng Securities Co., Ltd., said that the Hong Kong stock market had risen to the Bollinger Channel line earlier, but now it has fallen to a low level. It is expected to be around 24,800 points.
It is expected that the Hang Seng Index will temporarily fluctuate in the range of 24,800 to 25,700 points.
In terms of focus sectors, China property stocks plummeted across the board.
Trading of Evergrande Real Estate’s onshore corporate bonds was suspended for one day. Evergrande’s share price continued to bottom out, falling more than 6% to RMB 2.63. Among other Chinese property stocks, Greentown China and R&F both fell about 12%; Sunac fell 11.2%; Shimao It also fell by nearly 10.5%; Agile fell by more than 8%.
Zhang Zhiwei expects that mainland property stocks will continue to be under pressure for a period of time.
Due to the setbacks of Technet and Chinese real estate stocks, investors are less willing to enter the market, so it is recommended to enter the market cautiously.
In addition, he said that the Fed may "close water" in November, and the outbreak of an epidemic in Fujian, various factors are expected to affect market sentiment.
Relatively speaking, funds for hedging will tend to flow to public stocks with higher defensive power.
(over)