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<H Shrs> Hong Kong Stocks Show Volatility; Mainland Bank Stocks Rise; BOC Hong Kong Surges Over 5%
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Today marks the end of the first quarter for Hong Kong stocks, with the market showing volatility. Iran has imposed tolls on the Strait of Hormuz and banned US and Israeli vessels from passing through. The US stock market saw the DJIA and Nasdaq rise by 0.1% and fall by 0.7%, respectively, overnight. Federal Reserve Chairman Jerome Powell indicated that economic risks may necessitate changes in interest rates, focusing on whether energy shocks affect inflation expectations. At the time of writing, the yield on the US 2-year Treasury fell to 3.818%, and the yield on the US 10-year Treasury fell to 4.321%. The US Dollar Index dropped to 100.46. DJIA futures recently rose by 422 points or 0.93%, and Nasdaq futures rose by 197 points or 0.85%. The Shanghai Composite Index fell by 31 points or 0.8% to close at 3,891 points, the Shenzhen Component Index fell by 1.8%, and the ChiNext Index fell by 2.7%. The total turnover of the Shanghai and Shenzhen markets was RMB1.99 trillion. The HSI opened 67 points higher, initially rising 237 points to 24,988 points before retreating, and fell 191 points in the afternoon to 24,559 points, closing up 37 points or 0.2% at 24,788 points. The HSCEI fell 24 points or 0.3% to close at 8,374 points, and the HSTECH fell 40 points or 0.9% to close at 4,649 points. The total market turnover for the day was HKD255.76 billion. The total turnover of Northbound trading was RMB108.909 billion, while Southbound funds saw a net inflow of RMB703 million today (compared to a net inflow of RMB2.467 billion in the previous trading day). CNOOC (00883.HK) fell 3.1% to close at HKD28, with a turnover of over HKD6.1 billion, while Yangtze Optical Fibre and Cable (06869.HK) declined by 7.1%, with a turnover of HKD6 billion. The HSI fell by 1,842 points or 6.9% in March, the HSCEI fell by 485 points or 5.5%, and the HSTECH fell by 488 points or 9.5%, while Southbound funds saw a net inflow of RMB61.402 billion in March. The HSI fell by 842 points or 3.3% in the first quarter, the HSCEI fell by 539 points or 6.1%, and the HSTECH fell by 866 points or 15.7%, while Southbound funds saw a net inflow of RMB220.947 billion in the first quarter. [CNOOC Declines, BOC Hong Kong Strong] Some bank stocks performed well, with Agricultural Bank of China (01288.HK) reporting a 3.2% increase in net profit last year and raising its final dividend, leading to a 3.1% rise in its stock price. Bank of China (03988.HK) saw a 2.2% increase in net profit last year, with its stock price rising 1.6% for the day. BOC Hong Kong (02388.HK) reported a 4.9% increase in net profit last year and proposed a final dividend of HKD1.255 per share for 2025. Including the previous three interim dividends, the total dividend per share for the year was HKD2.125, representing a 6.8% YoY increase. The payout ratio increased by 1 ppt to 56%, with the stock price surging 5.6% for the day. CICC published a report stating that BOC Hong Kong announced its 2025 annual results, with revenue up 8.1% YoY and net profit attributable to the parent company up 4.9% YoY. Revenue for the fourth quarter last year increased by 13.8% YoY, and pre-tax profit increased by 5% YoY, meeting CICC's expectations. Considering changes in market risk appetite and profit expectations, the bank raised the company's TP by 53% to HKD45.1, corresponding to 1.3x and 1.2x P/B ratios for this year and next, maintaining an "Outperform" rating. The bank noted that BOC disclosed that the board has in principle approved a shareholder return framework for 2026 to 2028, which includes measures such as orderly increasing the shareholder payout ratio within the established dividend range (40% to 60%), share repurchases, and special dividends to enhance shareholder returns, aiming to implement it by the time of the interim results announcement this year. [1,300 Stocks Decline, Hansoh and Midea Rebound] The market breadth in Hong Kong remained weak today, with the ratio of advancing to declining stocks on the main board at 18 to 32 (compared to 16 to 36 the previous day), with 1,330 stocks declining (a decline of 3.1%). Among HSI constituent stocks, 47 stocks rose and 42 stocks fell, with an advance-decline ratio of 52 to 47 (compared to 28 to 71 the previous day). The market recorded short selling of HKD40.504 billion, accounting for 18.468% of the turnover of stocks available for short selling, which amounted to HKD219.326 billion. Hansoh Pharmaceutical (03692.HK) saw its stock price rebound by 7.3% to close at HKD35.48 after announcing its results. Midea (00300.HK) reported a 14% increase in net profit last year, with its stock price rising 6.8% to close at HKD83.8. HSBC Research published a report stating that Midea's fourth-quarter results for 2025 met market expectations. Despite facing a high base in the first quarter of this year, the forecast for profit growth remains positive. The company provides strong returns to shareholders through high dividends and expanding share repurchase programs, leading to an increase in its TP to HKD112. (wl/u) Auto-translated by third-party software This translation was auto-generated by third-party software. 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. More Details
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