GO
| HSI1 | 23,093.37 | +158.69 | 249.78B |
| HSCEI1 | 7,756.25 | +67.06 | 87.14B |
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2026-10-23 12:42:23 Morgan Stanley published a research report stating that investor sentiment in A shares remained subdued. The weighted MSASI (Morgan Stanley A-share Sentiment Index) was broadly unchanged at 9% as of Oct 21 compared with the previous cutoff date of Oct 14, hovering around the Jul 2024 level for a third consecutive week. The one-month moving average of the weighted MSASI fell 3 ppts over the same period to 17%, indicating that the sentiment trend remained weak. The broker noted that average daily turnover in the ChiNext market, A shares and margin financing and securities lending balances fell 8% (to RMB390 billion), 8% (to RMB1.505 trillion) and 3% (to RMB2.45 trillion), respectively, while stock index futures turnover rose 6% (to RMB471 billion). The 30-day RSI fell 4 ppts over the same period, while consensus earnings revision breadth remained negative and deteriorated further. Southbound Stock Connect recorded a net outflow of USD1.9 billion from Oct 15 to 21. Net flows for October to date turned into a net outflow of USD800 million, while year-to-date net inflows amounted to USD55 billion, only 37% of the level in the same period last year. The broker said the recent sharp correction in Hong Kong stocks reinforced its cautious stance on Chinese equities, as weak domestic demand and liquidity headwinds persisted, while valuations had yet to show a clear bottom. China's 3Q GDP growth accelerated to 4.5% YoY, supported by resilient exports and faster fiscal execution, but household deleveraging and weak domestic demand continued to constrain a broader recovery. The broker maintained its base-case targets for Jun 2027 at 26,550 for the HSI, 8,900 for the HSCEI, 80 for MSCI China and 4,880 for the CSI 300 Index. It also maintained a cautious index-level stance, favoring selective structural opportunities and defensive high-dividend stocks. The broker has added SWIREPROPERTIES (01972.HK) to its China/Hong Kong focus list as a defensive high-dividend stock, and removed CONTEMPORARY AMPEREX (300750.SZ) A shares. (da/u)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |