Asian equities had a strong day except for India’s small decline on Russia/Ukraine de-escalation hopes.
China and Hong Kong had a good day driven by declining Chinese inflation data. January’s PPI was 9.1% versus expectations of 9.5% and December’s 10.3% while CPI was 0.9% versus expectations of 1% and December’s 1.5% . While commodity prices are still high but starting to moderate, food prices declined to ease consumer inflation. Investors cheered the data as it likely allows the PBOC to continue their monetary easing without igniting inflation.
The Hang Seng Index gained +1.49% while the Hang Seng Tech Index jumped +2.3% with Hong Kong internet stocks having a strong day. Volumes were off -10.82% from yesterday which is only 65% of the 1-year average though advancers outpaced decliners by more than 3 to 1. We would like to see volumes on an up day higher as it indicates conviction. Hong Kong is having a coronavirus outbreak that could see the quarantine and lockdown restrictions coming.
Hong Kong’s three most heavily traded stocks by value were Tencent +1.32%, Meituan +2.52%, and Alibaba HK +3.46% though both value and growth stocks and sectors had a good day. Southbound Connect volumes have been light as Mainland investors have been small net sellers of Tencent and Meituan of late. China Resource Power was off -9.21% as the company pushes its renewable unit IPO to later this year.
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