Wednesday , January 29 2020

Chinese investors stop HK stocks buying spree

Bloomberg

Chinese investors have paused in their pursuit of Hong Kong stocks.
They sold a net HK$175 million ($22 million) of the city’s shares on Tuesday, according to data compiled by Bloomberg. That followed purchases of $10.2 billion over the previous 37 sessions, the longest streak since late 2017.
Mainland traders had been attracted by cheap valuations as the benchmark Hang Seng Index traded near its lowest price to book multiple since
late 2016.
Meantime, China stocks command a 30 percent premium over their Hong Kong-listed peers.
Linus Yip, a Hong Kong-based strategist with First Shanghai Securities Ltd, said the southbound buying would likely resume soon.

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