AIRLINK 172.70 Decreased By ▼ -3.03 (-1.72%)
BOP 13.23 Increased By ▲ 0.11 (0.84%)
CNERGY 7.40 Decreased By ▼ -0.14 (-1.86%)
FCCL 43.75 Decreased By ▼ -0.16 (-0.36%)
FFL 14.90 Decreased By ▼ -0.11 (-0.73%)
FLYNG 26.46 Decreased By ▼ -0.44 (-1.64%)
HUBC 129.80 Decreased By ▼ -0.43 (-0.33%)
HUMNL 13.35 Increased By ▲ 0.01 (0.07%)
KEL 4.44 Decreased By ▼ -0.06 (-1.33%)
KOSM 6.00 Decreased By ▼ -0.06 (-0.99%)
MLCF 55.60 Decreased By ▼ -0.43 (-0.77%)
OGDC 213.11 Decreased By ▼ -1.66 (-0.77%)
PACE 5.94 Decreased By ▼ -0.04 (-0.67%)
PAEL 41.10 Increased By ▲ 0.20 (0.49%)
PIAHCLA 16.39 Increased By ▲ 0.07 (0.43%)
PIBTL 9.60 Decreased By ▼ -0.15 (-1.54%)
POWER 11.58 Decreased By ▼ -0.18 (-1.53%)
PPL 179.00 Decreased By ▼ -2.48 (-1.37%)
PRL 33.79 Decreased By ▼ -0.43 (-1.26%)
PTC 22.83 Decreased By ▼ -0.23 (-1%)
SEARL 94.30 Decreased By ▼ -1.42 (-1.48%)
SILK 1.17 Increased By ▲ 0.03 (2.63%)
SSGC 35.02 Decreased By ▼ -0.43 (-1.21%)
SYM 15.70 Decreased By ▼ -0.05 (-0.32%)
TELE 7.80 Decreased By ▼ -0.07 (-0.89%)
TPLP 10.83 Decreased By ▼ -0.15 (-1.37%)
TRG 60.89 Increased By ▲ 0.39 (0.64%)
WAVESAPP 10.76 Decreased By ▼ -0.05 (-0.46%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
YOUW 3.80 Increased By ▲ 0.03 (0.8%)
BR100 12,028 Decreased By -25.4 (-0.21%)
BR30 36,368 Decreased By -98.9 (-0.27%)
KSE100 113,869 Decreased By -487.1 (-0.43%)
KSE30 35,121 Decreased By -226.2 (-0.64%)

HONG KONG: China stocks closed flat on Wednesday, while Hong Kong shares dipped, with frail economic data continuing to weigh on sentiment as investors wait for meaningful stimulus as the next catalyst.

China’s blue-chip CSI 300 Index edged down 0.11%, while the Shanghai Composite Index ended flat.

Hong Kong’s Hang Seng Index dropped 0.33%, and Hang Seng China Enterprises Index was slightly down 0.28%.

Actualized foreign direct investment into China shrank by 2.7% year-on-year to 703.65 billion yuan ($98 billion) in the first half of the year, the commerce ministry said. China’s fiscal revenue grew 13.3% in the first six months of 2023 from a year earlier, slower than a 14.9% rise in the first five months, finance ministry data showed.

“With one weak print after another, economic surprises in China have cratered, fueling calls for more than marginal policy stimulus,” BofA Securities said in its July Asia Fund Manager survey.

According to the survey, an overwhelming 81% of participants were looking for monetary easing to kick in. Meanwhile, eight in 10 investors sided with a structural de-rating view for China equities.

Yet some sell-side analysts are more positive. Hong Kong stocks’ valuations are still well below their five-year averages while the outlook for earnings growth in 2023 is good, HSBC analysts said in a note, expecting a turnaround of Hang Seng index in the second half of the year.

Comments

Comments are closed.