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Francis Kwok: Mkt Rebounds Obviously & Tends to Test Higher at 17,038
Francis Kwok, the Vice Chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators Limited, said that the market is about to enter into the late Decembe...
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Francis Kwok: Mkt Rebounds Obviously & Tends to Test Higher at 17,038
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Francis Kwok, the Vice Chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators Limited, said that the market is about to enter into the late December, therefore it will be gradually dominated by the activities related to the roll-over and settlement of monthly futures.

Up to the moment of writing, December's HK market is still in descending pattern. The HSI dropped from the high of 17,038 on 1 December to the low of 15,972 on 11 December, i.e. the volatility during the month is 1,066 pts.

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Since the high and low of a month should not appear in 7 trading days at the same time, paired with that 1,066 pts of volatility may not be able to satisfy the needs of December, there should be a bigger volatility in the rest of the trading days in December to satisfy the demand for the volatility of the month, theoretically.

As a matter of fact, individual stocks already hit new highs during the year under active buy orders, such as LENOVO GROUP (00992.HK)  +0.020 (+0.213%)    Short selling $24.83M; Ratio 10.526%   , AAC TECH (02018.HK)  +0.650 (+1.613%)    Short selling $22.68M; Ratio 26.258%   and XIAOMI-W (01810.HK)  +2.500 (+4.394%)    Short selling $2.14B; Ratio 10.298%   , etc. It was expected that the situation will continue, that is, the so-called "buy stocks but not the market".

In Kwok's view, individual HSI constituents have been outperforming the market. For example, HSBC HOLDINGS (00005.HK)  -0.550 (-0.577%)    Short selling $96.70M; Ratio 15.216%   has been stabilizing at around $60. In addition, CHINA MOBILE (00941.HK)  -0.400 (-0.460%)    Short selling $39.38M; Ratio 5.528%   has been stabilizing at around $62.

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However, as major HSI constituents such as TENCENT (00700.HK)  -2.000 (-0.390%)    Short selling $209.23M; Ratio 5.373%   , BABA-SW (09988.HK)  -0.400 (-0.357%)    Short selling $505.62M; Ratio 11.711%   and MEITUAN-W (03690.HK)  -1.000 (-0.769%)    Short selling $175.82M; Ratio 6.456%   still softened, the general market will be weighed down by these stocks.

(The author is the licensee of SFC)
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-27 12:25.)

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