Key News
Asian equities were mixed overnight while Japan and South Korea outperformed.
Hong Kong and China eased in afternoon trading though the Hang Seng closed in the green and above the 21k level while the Mainland dipped into negative territory. Hong Kong growth stocks were mixed today as Hong Kong’s most heavily traded by value were Tencent gaining +3.15% as the company continues to buy back stock and announced a push for short videos on WeChat, Alibaba HK gained +3.11% on yesterday’s news of its home province support, and Meituan fell -2.52% as several reopening plays were clipped. Hong Kong internet stocks were largely higher led by e-commerce though didn’t gain as much as their US ADRs yesterday which should lead to a small pullback in US trading hours. Macao casinos and Trip.com HK -1.77% were hit with profit taking as we have a bit of profit taking and a buy the rumor – sell the news dynamic.
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