KGI Asia Commentary
Hang Seng Index fell 117 points on Thursday
The Hang Seng Index fell 117 points or 0.7% to 16,345 on Thursday. HSTECH fell 27 points or 0.7% to 3,720 and HSCEI fell 48 points or 0.9% to 5,615. Daily market turnover was HK$89.0bn.
Dow, S&P 500 end three-day losing streak
The Dow closed higher on Thursday, with gains led by technology stocks backed by Alphabet and Advanced Micro Devices offsetting losses in energy stocks ahead of the monthly U.S. jobs report due on Friday. The S&P 500 rose 0.80% to 4,585.59 points, and the blue-chip Dow Jones rose 62.95 points, or 0.17%, to 36,117.38 points. The Nasdaq rose 1.37% to 14,339.99 points, with technology stocks outperforming the market. Shares of Google parent Alphabet rose more than 5% as traders welcomed the launch of the company's Gemini artificial intelligence model. Nvidia and AMD also rose more than 2% and 9% respectively. Artificial intelligence application software group ai fell nearly 11%. The company forecast a full-year adjusted operating loss of US$115 million to US$135 million, higher than the previous forecast of US$70 million to US$100 million. Online pet care retailer Chewy's shares fell nearly 1% after it lowered its annual sales forecast as inflationary pressures reduce consumer demand.
Job market data has attracted much attention, before the release of non-farm payrolls data
Data released on Thursday showed that the number of people applying for unemployment benefits for the first time in the United States last week was a seasonally adjusted 220,000, a slight increase from 219,000 in the week of November 25. Economists had expected the index to be 222,000. The latest data and a series of recent data point to a cooling of the job market, but the November non-farm payrolls report will be the focus. Economists predict that the U.S. economy created 180,000 new jobs last month and the unemployment rate may have stabilized at 3.9%. However, average hourly earnings are expected to increase by 0.1%.
Hong Kong Stock Connect had a net outflow of HK$1.63bn on Thursday, of which Meituan (3690) had the largest net inflow, reaching HK$0.62bn; followed by Meitu (1357). Tracker Fund (2800) recorded the largest net outflow at HK$2bn, followed by HSCEI ETF (2828).
Wen Kit Kenny is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to:https://apps.sfc.hk/publicregWeb/indi/AJF244/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.