Over the past few trading days, with the global stock market showing lackluster performance, the rise in the volume of the Hong Kong stock market attracted market attention. Both the Hang Seng Index and the National Index achieved six consecutive gains. The Hang Seng Index rose by more than 7% during the month, the Index rose by more than 6%, and the National Index rose nearly 8%.
Regarding the sharp rise in Hong Kong stocks and capital inflows, one common speculation is that concerns about stagflation caused by US data for the first quarter have driven international capital to Hong Kong stocks from the US and Japanese stock markets, which had large increases in the previous period and are highly valued. Similar situations have occurred in the past few years, such as the end of 2021 to the beginning of 2022, the second quarter of 2022, and the end of 2022 to the beginning of 2023. At these stages, Hong Kong stocks all achieved a certain amount of excess income.
During this period, south-bound capital from the mainland also further stepped up efforts to “sweep” Hong Kong stocks. At present, the cumulative net purchase of Hong Kong stocks by Southbound Capital has exceeded HK$3 trillion. Among them, Beishui has sold more than HK$200 billion since this year, which has become one of the active driving forces of the recent Hong Kong stock market, and the increase in positions is still increasing.
UBS and Goldman Sachs recently raised their ratings for the Hong Kong A-share market. Industry insiders generally believe that the restoration of Hong Kong stocks, which have been undervalued for many years, has only just begun. Looking ahead to the future market, Tianfeng Securities suggests focusing on subsequent inflows of foreign capital, as well as the growth value and revaluation opportunities of Internet platforms and new consumer products.
Futu News has compiled the May Hong Kong stock shares of some institutions for reference:
Cow friends, which gold stock do you have in mind for May?
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