2020-10-26

Insurance oil stocks break out, Hang Seng Index tries again 25,000

By yqqlm yqqlm

Ant Group is expected to be listed in advance to November 5, and the valuation may continue to increase. Hong Kong stocks opened low and moved high last Friday, and the three barrels of oil force approached the 25,000 mark next time. In the afternoon, the trend was repeated. The Hang Seng Index closed up 0.54%to 24,918.78 points, the State-owned Enterprise Index rose 0.4%, and the red chip index rose 0.61%.

Hong Kong local banking stocks rose, Hang Seng Bank (Hong Kong stocks 00011) rose 5.5%, Bank of China Hong Kong (Hong Kong stock 02388) rose 2.6%. Three barrels of oil collectively made efforts, CNOOC rose by more than 7%, while PetroChina and Sinopec rose by more than 6%. Insurance stocks broke out collectively. China Taiping (Hong Kong stock 00966) rose more than 8%, China Pacific Insurance (Hong Kong stock 02601) and China Property Insurance (Hong Kong stock 02328) rose more than 3%, and Xinhua Insurance (Hong Kong stock 01336) rose more than 4%. Property stocks fell sharply, Baolong Property fell 6.14%, CCRE New Life (Hong Kong stock 09983), Country Garden Services (Hong Kong stock 06098) fell more than 4%, China Overseas Property (Hong Kong stock 02669), Aoyuan Health (Hong Kong stock 03662) fell more than 3%. Hong Kong education stocks plunged. Dadi Education (Hong Kong Stock 08417) fell 15%, Lide Education (Hong Kong Stock 01449) fell 6.8%, New Oriental Online (Hong Kong Stock 01797) fell 8.5%, Hope Education (Hong Kong Stock 01765) fell 6.4%, Yuhua Education (Hong Kong stock 06169), New Higher Education Group (Hong Kong stock 02001), etc. fell more than 4%.

Louis, a senior analyst at Huasheng Securities, said that the US stocks rose and fell following the news, and seemed to lack direction. However, the volatility index VIX in the Chicago Board Options Exchange saw a spike, and then reached the level near 30, reaching 30.12, which just reflects that investors are slightly worried about the future. The rebound seen so far has not yet been seen and half has disappeared. The US dollar index stabilized after a 4-day losing streak, reaching a peak of 92.93, but it still failed to return to the level above 93. The market is even more worried that the fundamental factors are gradually deteriorating. The trade deficit and Washington’s fiscal deficit are reaching new highs. It is estimated that the risk of a devaluation of the dollar is extremely high.

Hong Kong stocks tried to surpass 25,000 again, hitting a high of 24,970, but selling orders surged immediately. Recently, there are hundreds of billions of users, tens of billions of profits, hundreds of billions of revenue, and trillions of valuations in the mainland to describe Ant Group, which is preparing to go public this week. It is estimated in the market that more than one trillion Hong Kong dollars may be frozen in the future. The maximum frozen amount last time exceeded 670 billion Hong Kong dollars. Calculated on the basis of HK$13.5 billion in H-share fundraising, if the amount exceeds one hundred times, HK$1.35 trillion can be frozen, which is believed to be the largest ever. Recently, the Hong Kong Monetary Authority has continued to accept USD selling in the market. Therefore, the freezing of funds exceeds one trillion Hong Kong dollars, and the Hong Kong banking system has more than enough to handle it.

This article is from Fortune Power Network