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Matthew Kwok: HSI Tests 19,000 on Positives; CN Govt Adamant to Bail out CN Developers
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Hong Kong stocks continued to thrive yesterday as the HSI shattered above the 100MA on spiking turnover, said Matthew Kwok, Managing Director of Anli Asset Management. The market yearned for further relaxation of COVID policy by the Chinese government, paired with hope for the US Fed to slow down rate hikes. Kwok predicted the HSI to test higher around 19,000 with lower support around 18,000. The CSRC had earlier decided to optimize five measures for equity financing of real estate companies, which comes into effect today. The five measures are 1) resuming M&As and supporting financing for real estate listed companies; 2) resuming the refinancing of listed real estate companies; 3) improving the listing policy of real estate companies in overseas markets; 4) further playing the role of REITs in revitalizing the stock assets of real estate companies; and 5) actively making use of private equity investment funds In Kwok's opinion, the measures further ironed out the capital woes of Chinese homebuilders and showed the central government's determination in bailing out the industry, of which valuation would hence be revived. (The author is a licensee of the SFC and does not hold the above-mentioned shares with related parties) AAStocks Financial News |
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