Hong Kong Stocks Are Looking Hot Again as Chinese Money Pours In [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
NASDAQ:AMEX Investor Relations:
invest.bnpparibas.com/en
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Source: BNN Bloomberg
The benchmark Hang Seng Index has gained more than 6% this week, set for its best performance since December 2022. Mainland investors have bought stocks on a net basis for 19 straight sessions via the trading links with Hong Kong. The rush of inflows is turning equity gauges in Hong Kong into the world's best-performing major indexes in April, after months of underperformance when they were among the worst. Investors are acting ahead of a pledge by China's securities regulator to boost liquidity, with BNP Paribas saying that Chinese traders may also be seeking to diversify out of a weakening yuan. “Southbound flows and regional inflows to Hong Kong are supporting Hong Kong equities and could remain strong,” said Marvin Chen, a strategist at Bloomberg Intelligence. “Southbound buying tends to pick up when CNY depreciation expectations rise.” A better earnings outlook has also supported the optimism. Tech bellwether Tencent Holdings Ltd.'s shares outperformed the Magnificent Seve
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