The Hong Kong stock market was volatile today (23rd) in anticipation of Federal Reserve Chairman Powell's speech at Jackson Hole. The Dow Jones and Nasdaq both fell 0.4% and 1.7% overnight. At the time of writing, the yield on the 2-year US Treasury bond is 4.01 basis points, and the yield on the 10-year US Treasury bond has fallen to 3.854 basis points. The US dollar index is at 101.37. Dow futures are up 115 points or 0.28%, and Nasdaq futures are up 0.7%. The Shanghai Composite Index rose 5 points or 0.2% to close at 2,854 points, while the Shenzhen Component Index rose 0.2%. The total trading volume of the Shanghai and Shenzhen markets exceeded RMB 510.2 billion.
The Hang Seng Index opened lower this morning, falling 119 points before rebounding. At one point, it hit a low of 17,493, but the decline narrowed. It ended the day down 28 points or 0.2% at 17,612. The Hang Seng China Enterprises Index fell 5 points or 0.1% to 6,219. The Hang Seng Tech Index fell 39 points or 1.1% to 3,468. The total trading volume of the market shrank to HKD 78.773 billion.
The Hang Seng Index rose 181 points or 1% this week, the Hang Seng China Enterprises Index rose 57 points or 0.9%, and the Hang Seng Tech Index rose 9 points or 0.3%. The minutes of the Federal Reserve's July meeting recently showed that the majority of officials believed that a rate cut in September would be appropriate, raising market expectations of a rate cut next month.
Alibaba's stock price rose, while Netease's stock price fell 10%.
Alibaba (09988.HK) will be dual listed on the Hong Kong Stock Exchange and the New York Stock Exchange next Wednesday (28th), with the stock price rising 1.2% for the whole day. As for other technology stocks, Tencent (00700.HK) and JD.com (09618.HK) fell 0.6% and 0.1% respectively, while Meituan (03690.HK) fell nearly 1.4% for the whole day. Baidu (09888.HK) reported a 7.5% drop in net profit under non-GAAP accounting standards for the second quarter, and the market is concerned about the outlook for advertising revenue, causing the stock price to fall 4.9%.
Netease (09999.HK) reported a 13% year-on-year decline in net profit under non-GAAP accounting standards for the second quarter, and the stock price fell 10.3% for the whole day. According to Goldman Sachs, Netease's second-quarter revenue grew 6% year-on-year, slightly below market and Goldman Sachs' expectations of about 1% to 2%. The quarter's non-GAAP adjusted net profit fell 13% year-on-year, exceeding Goldman Sachs' forecast by 13%, but roughly in line with market expectations. Goldman Sachs believes that this is due to a larger decline in deferred revenue for the quarter and stricter measures on protecting minors in the flagship game "Dannizi Party", which affected performance. However, the bank also pointed out that the performance of the PC version of "Fantasy Westward Journey" has stabilized after adjustments, new games have contributed to growth, and the return of Blizzard's game series has brought incremental revenue. Goldman Sachs maintains a "buy" rating and lowers the H-share target price from HKD 196 to HKD 179.
The Hong Kong stock market continued to weaken today. The ratio of advancers to decliners in the main board stocks was 17 to 22 (compared to 19 to 22 the previous day), and among the constituent stocks of the Hang Seng Index, 24 stocks rose and 56 stocks fell, with a ratio of 29 to 68 (compared to 65 to 33 the previous day). The short selling turnover of the market today was HKD 14.63 billion, accounting for 21.449% of the turnover of short selling stocks of HKD 68.208 billion (compared to 20.945% the previous day).
The Hong Kong stock market continued to weaken today, with a ratio of advancers to decliners in the main board stocks of 17 to 22 (compared to 19 to 22 the previous day). Among the constituent stocks of the Hang Seng Index, 24 stocks rose and 56 stocks fell, with a ratio of 29 to 68 (compared to 65 to 33 the previous day). The short selling turnover of the market today was HKD 14.63 billion, accounting for 21.449% of the turnover of short selling stocks of HKD 68.208 billion (compared to 20.945% the previous day).
China Ping An (02318.HK) saw a 3.6% increase in its stock price throughout the day, closing at 35.55 yuan, the largest blue chip gain. CICC's report suggested that Ping An Insurance's first-half performance met the bank's expectations, believing that the trend of improvement in the life insurance business is evident. Considering the various trends in Ping An Life Insurance's business indicators, the bank is optimistic about the company's future business trends. At the same time, the bank noted that the profitability of Ping An Property Insurance is recovering, with service revenue increasing by 3.9% year-on-year in the first half of the year, but the net profit of the asset management business fell by 14.7% year-on-year to 1.685 billion yuan, mainly due to fluctuations in the financial markets.
CICC considers that, taking into account the improving trend and operational advantages of Ping An Insurance's core business, the low base caused by past impairment losses in the asset management business, and the potential level of future impairments, the turning point in Ping An Group's profitability may have appeared, and the certainty of future dividend solid growth has increased. The bank's profit forecast remains unchanged, maintaining a rating of "outperform the market" and a target price of HK$55.65.