KGI Asia Commentary
HSI rose 147 points on Friday
The Hang Seng Index opened 9 points lower on Friday and closed at 18,919 points. The index once rose by 242 points and then narrowed. It rose 147 points or 0.8% to 19,075 points. The total daily turnover of the market was HK$ 76.6 bn. Consumer stocks generally rose. China Resources Beer (0291), XPeng (1368) and Haidilao (6862) rose 1.2% to 1.7%. On the other hand, domestic bond prices of Country Garden (2007) fell sharply, and the stock price fell 5.5% to HK$1.38.
US stock earnings report continues to be the focus of the market
U.S. stocks were mixed on Friday. The Dow rose 2.51 points, or 0.01%, to 35,228; the Nasdaq fell 31 points, or 0.22%, to 14,033; the S&P 500 rose 1 point, or 0.03%, to 4,536. Last week, the Dow rose 2.08%, the S&P 500 rose 0.69%, and the Nasdaq rose 0.57%.
In recent days, the US stock market has had an intensive period of financial report releases, which is the focus of the market. Earnings reports have been mixed so far, with 73 percent of S&P 500 companies that have reported earnings beating analysts' expectations, but that's below the recent three-year average of 80 percent. This week, companies that together account for 50% of the total market capitalization of the US stock market will release financial reports, it can better show the overall performance.
The number of Hong Kong tourists visiting Macau has almost returned to the pre-epidemic level
The Director of the Macau Tourism Office announced that since the full customs clearance of Hong Kong and Macau, the average monthly number of Hong Kong tourists visiting Macau has returned to 90% of the level before the epidemic, and it was closer to a full recovery last month. With reference to the June data, there are about 600,000 Hong Kong tourists visited Macau, accounting for 27% of the total number of tourists visited Macau, and mainland tourists accounting for about 65.4%. As the summer vacation begins, and the Tourism Bureau and Hong Kong Travel Agency planning to launch travel packages to promotion of Macau tourism, the number of visitors to Macau may further increase.
Hong Kong Stock Connect had a net inflow of HK$ 500 million on Friday. Among them, China Mobile (941) had the largest inflow, reaching HK$ 200 million; followed by Kuaishou (1024). On the other hand, Huaneng Power (902) recorded the largest net outflow of HK$370 million; followed by HSBC (5).
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