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Hong Kong stocks rebounded after yesterday’s biggest decline in three month following a surge in consumer and technology shares.
The Hang Sang Seng Index is up by 0.4% to 22,902.77 pips, 1:02 pm Hong Kong time following yesterdays’ 1.7% decline while the H-share index or the Hang Seng China Enterprises is also up 0.5% to 10,249.69.
China Resources Enterprise Ltd. rose by 2.4% while Coolpad Group Ltd is up by 8.3% after it reported its January to May profits increasing significantly from the previous year.
Chief Asia and emerging-market strategist at Morgan Stanley, Jonathan Garner commented that the stock market has become so cheap and this may be enough to lead to rallies in the stocks as market participants price out the “tail risk of a complete hard landing”. Garner added that market participants aren’t really going to see definite evidences that China’s economy will pick up because it will be more of growth stabilization.
So far this year, Hong Kong’s Hang Seng Index is already down by 2.2%. It is the second largest descent in the group of developed equity markets.
