China Market Update: Hong Kong Shrugs Off Pessimism, Global Overweight Trades Crushed [Forbes]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Forbes
Taiwan was hit with $3.1 billion worth of foreign selling, the largest foreign sell day in the country's markets since 2020. Meanwhile, the US dollar was weaker versus Asian currencies, except for Tawain, where the foreign stock exodus weighed on the currency. These countries and stocks have performed well for quite some time, so there are not too many tears to cry. India stood out for its relatively minor decline, though its market is largely supported by a large domestic retail investor. Meanwhile, Mainland China and Hong Kong were off only slightly, especially compared to US-listed China stocks. Mainland China financial news was dominated by Nvidia's near -10% fall yesterday, highlighting the global overweight to a small number of semiconductor and technology stocks, including the “Magnificent 7” stocks. Alibaba added rival Tencent's mobile payment WeChat Pay to its E-commerce platforms Tmall and Taobao, in another indication that China's internet regulatory cycle is over.
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