ByBrendan Ahern,
Senior Contributor.
Asian equities curbed the week’s gain as the region followed US stocks south, led lower by growth stocks, except for India and Vietnam.
Hong Kong grinded lower across the trading day on terrible breadth as the Hong Kong stock heatmap resembles Omaha Beach. Mainland China was higher early as the Shanghai Composite hit a 52-week high intra-day after yesterday’s 52-week high, but plummeted into the close. Yes, China’s October economic data wasn’t great, but it wasn’t terrible, per the below.
Mainland investors bought a very healthy $1.66 billion worth of Hong Kong-listed stocks and ETFs, as Tencent and Alibaba saw large inflows, though Connect only accounted for 21% of turnover. This indicates to me that global, i.e. foreign, investors were sellers, especially as they are underweight India, which was up.
