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Matthew Kwok: HK Stocks Struggle at Peaks amid Upbeat Sentiment; CNOOC Div Policy Generous
Hong Kong stocks zigzagged to advance yesterday (16th), said Matthew Kwok, Managing Director of Anli Asset Management. The HSI neared 22,000 at one point, registering profit-taking...
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Matthew Kwok: HK Stocks Struggle at Peaks amid Upbeat Sentiment; CNOOC Div Policy Generous
2023/01/17 09:25
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Hong Kong stocks zigzagged to advance yesterday (16th), said Matthew Kwok, Managing Director of Anli Asset Management. The HSI neared 22,000 at one point, registering profit-taking activities at peak level afterwards. At close, the market maintained a slim increment on active turnover. Despite the upbeat sentiment, individual stocks hit snags at peaks, which impaired the market upswing. Kwok forecast the HSI to keep jolting between 21,000 and 22,000 in short run.

Talking about individual stock, the commentator recalled the 2023 Business Strategy Meeting as held by CNOOC (00883.HK)  -0.020 (-0.177%)    Short selling $53.39M; Ratio 6.893%   earlier. During which, the company had announced the net production target of 650-660 million barrels of oil equivalent this year, of which China will account for about 70% and overseas markets about 30%, implying annual growth rate of about 4.8-6.4% in output. Besides, CNOOC predicted to have nine new projects to commence production this year.

Kwok estimated that CNOOC share price will head north as the company maintained mild growth in production, and the current oil price level was favorable for earnings performance, compounded with the company's generous dividend policy.

(The author is a licensee of the SFC. He and related parties do not hold the above-mentioned shares)
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2023-03-21 16:25.)

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