Hong Kong stocks fluctuated in May. However, in the past two trading days, the market rebounded due to the weakening of macro concerns. In addition, the continuous inflow of southbound funds also supported the strength of the Hong Kong stock market. Nanxia Fund bought a net purchase of HK$408 million last Friday, the 15th consecutive day of net purchases, with a cumulative net purchase of HK$46.622 billion.
In May, the energy sector of Hong Kong stocks continued to perform well. Among the top gainers, United Energy Group (00467.HK) rose by more than 36% in the month. The company was included in the MSCI Hong Kong Small Index, and the changes will be made on May 31. Effective after the market closes; $Yankuang Energy (01171.HK)$ has risen by more than 18%. According to data from the National Bureau of Statistics, domestic coal supply is still tight.
China Investment Fund Corporation (00612.HK) , which was also included in the MSCI Hong Kong Small Index , also rose by more than 34% in the month. However, it is worth noting that the company was reduced by a number of directors during the month. In addition, $ Youlian Leasing (01563.HK)$ , $ Yashili International (01230.HK)$ rose nearly 30% in the month, $ Yunkang Group (02325.HK)$ , $ Orient Overseas International (00316.HK)$ It rose more than 24% in the month.
Among the Hong Kong stocks that fell sharply in May, Chi-Med Pharmaceutical (00013.HK) fell by more than 40%. At the beginning of the month, the company announced that the US FDA has issued a complete response letter to the new drug marketing application of surufatinib for the treatment of pancreatic and non-pancreatic neuroendocrine tumors; The US bridging study data package is not yet sufficient to support the current US approval of the drug. In addition, $Jinke Services (09666.HK)$ has fallen by nearly 31% this month, and $Zai Lab-SB (09688.HK)$ has fallen by more than 27%.
Looking ahead, Zhang Yidong, chief strategist at Industrial Securities, believes that the negative impact of the US stock market trend on A shares and Hong Kong stocks will be further weakened. In the next stage, the US dollar is expected to fluctuate at a high level or even weaken in stages, which is conducive to the stability of the RMB exchange rate and the Hong Kong dollar, and is conducive to the return of global funds to the A shares and Hong Kong stocks brought about by the stabilization of the Chinese economy.
CICC expects that factors such as more favorable policies, the already low market valuation and the continued inflow of southbound funds are expected to provide support for the Hong Kong stock market. The latest better-than-expected results from tech giants such as Alibaba, Baidu and Pinduoduo are also expected to provide strong support for the market.
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