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Posted June 18, 2025 at 9:45 am
Asian equities, despite US involvement/escalation concerns in the Middle East, were mixed, led higher by Japan, Taiwan, and surging South Korea, while Hong Kong, Thailand, and Pakistan underperformed.
The US dollar finally showed its reserve currency status outperforming most Asian currencies except for the Yen and Singapore dollar. It was an interesting divergence in the region as Hong Kong growth stocks underperformed for the second day in a row on light volumes, indicating investors’ limited risk appetite against the geopolitical backdrop.
Fairly uneventful risk off night with little news, except for Mainland investors buying the Hong Kong dip with $158 million of net buying as Southbound Stock Connect trading accounted for 53% of Hong Kong turnover. Following a morning selloff, the Mainland market managed to grind higher, led by growth stocks, with electronic equipment and communication equipment providers outperforming.
Mainland media noted that several consumption policies had been suspended. The issue is that demand has exceeded the government’s release of RMB 162 billion of the RMB 300 billion raised through the sale of long-term Treasury bonds. Further funds will flow over the course of the year, indicating strong demand, i.e., a good thing!
The Lujiazui Forum kicked off today in Shanghai, with announcements from the heads of the People’s Bank of China (PBOC), State Administration of Foreign Exchange, China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission (CSRC). The CSRC’s speech on reforming and enhancing the STAR Board included allowing “innovative unprofitable companies” to go public in order to raise funds to spur their R&D. Today’s Forum focus was on the renminbi as currency trading, digital currency, and promotion were a priority. Hopefully, we see a reemphasis on shareholder-friendly policies promoted, including buybacks, corporate governance, and M&A in tomorrow’s session. The emphasis on the STAR Board explains its outperformance today.
| Country / Index | Ticker | 1-Day Change |
|---|---|---|
| China (Hong Kong) | HSI Index | -1.1% |
| Hang Seng Tech | HSTECH Index | -1.5% |
| Hong Kong Turnover | HKTurn Index | -10% |
| Hong Kong Short Sale Turnover | HKSST Index | -12.1% |
| Short Turnover as a % of Hong Kong Turnover | N/A | 13.1% |
| Southbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | -29.4 |
| China (Shanghai) | SHCOMP Index | 0% |
| China (Shenzhen) | SZCOMP Index | 0% |
| China (STAR Board) | Star50 Index | 0.5% |
| Mainland Turnover | .chturn Index | -1.4% |
| Nouthbound Stock Connect Net Buy/Sell (US $ Millions) | N/A | Not Available |
| Jing Daily China Global Luxury Index | CHINALUX Index | 0% |
| Japan | NKY Index | 0.9% |
| India | SENSEX Index | -0.2% |
| Indonesia | JCI Index | -0.7% |
| Malaysia | FBMKLCI Index | 0% |
| Pakistan | KSE100 Index | -1.3% |
| Philippines | PCOMP Index | -0.5% |
| South Korea | KOSPI Index | 0.7% |
| Taiwan | TWSE Index | 0.7% |
| Thailand | SET Index | -1.7% |
| Singapore | STI Index | -0.3% |
| Australia | AS51 Index | -0.1% |
| Vietnam | VNINDEX Index | -0.1% |
| Indicator | A | Mainland China |
|---|---|---|
| Today’s Volume % of 1-Year Average | 94% | 93% |
| Advancing Stocks | 148 | 1590 |
| Declining Stocks | 318 | 3417 |
| Outperforming Factors | Dividend Yield, Value, Low Volatility | Growth, Liquidity, Momentum |
| Underperforming Factors | Liquidity, Growth, Momentum | Low Volatility, Buyback, Value |
| Top Sectors | Materials | Tech, Utilities, Discretionary |
| Bottom Sectors | Real Estate, Discretionary, Energy | Energy, Communication, Real Estate |
| Top Subsectors | Consumer Durables/Apparel, Non Ferrous Metals, REITs | Electronic Components, Soft Drink, Communication Equipment |
| Bottom Subsectors | Household/Personal Products, National Defense, Consumer Services | Office Supplies, Leisure Products, Daily Chemical |
| Southbound Connect Buys | Shandong Molong, United Energy Group (Small) | |
| Southbound Connect Sells | Pop Mart, Tencent (Moderate), Alibaba, CNOOC, Meituan, Xiaomi (Small) |
| MSCI China All Shares Index | # of Stocks | Average 1-Day Change (%) |
|---|---|---|
| Hong Kong Listed | 152 | -1.16 |
| Communication Services | 9 | -1.03 |
| Consumer Discretionary | 28 | -2 |
| Consumer Staples | 13 | -0.97 |
| Energy | 6 | -1.13 |
| Financials | 24 | -0.65 |
| Health Care | 12 | -0.62 |
| Industrials | 21 | -0.58 |
| Information Technology | 10 | -0.37 |
| Materials | 10 | 1.11 |
| Real Estate | 7 | -3.21 |
| Utilities | 12 | -0.35 |
| Mainland China Listed | 395 | 0.08 |
| Communication Services | 7 | -1.07 |
| Consumer Discretionary | 29 | 0.15 |
| Consumer Staples | 24 | 0.08 |
| Energy | 13 | -1.31 |
| Financials | 64 | 0.01 |
| Health Care | 32 | -0.68 |
| Industrials | 61 | -0.06 |
| Information Technology | 90 | 1.22 |
| Materials | 54 | -0.34 |
| Real Estate | 6 | -1 |
| Utilities | 15 | 0.18 |
| US & Hong Kong Dually Listed | Ticker | 1-Day Change (%) |
|---|---|---|
| Tencent HK | 700 HK Equity | -1.1 |
| Alibaba HK | 9988 HK Equity | -2.3 |
| JD.com HK | 9618 HK Equity | -1.6 |
| NetEase HK | 9999 HK Equity | -0.3 |
| Yum China HK | 9987 HK Equity | -1 |
| Baozun HK | 9991 HK Equity | -3.1 |
| Baidu HK | 9888 HK Equity | -2.2 |
| Autohome HK | 2518 HK Equity | 0.1 |
| Bilibili HK | 9626 HK Equity | -2.8 |
| Trip.com HK | 9961 HK Equity | -3.5 |
| EDU HK | 9901 HK Equity | -2 |
| Xpeng HK | 9868 HK Equity | 0.9 |
| Weibo HK | 9898 HK Equity | -1.8 |
| Li Auto HK | 2015 HK Equity | -4.1 |
| Nio Auto HK | 9866 HK Equity | -2 |
| Zhihu HK | 2390 HK Equity | -3.9 |
| KE HK | 2423 HK Equity | -4.1 |
| Tencent Music Entertainment HK | 1698 HK Equity | -1.6 |
| Meituan HK | 3690 HK Equity | -3.5 |
| Hong Kong’s Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| TENCENT HOLDINGS LTD | -1.1 |
| ALIBABA GROUP HOLDING LTD | -2.3 |
| MEITUAN-CLASS B | -3.5 |
| POP MART INTERNATIONAL GROUP | 1.6 |
| XIAOMI CORP-CLASS B | -0.4 |
| HONG KONG EXCHANGES & CLEAR | -2.3 |
| CHINA CONSTRUCTION BANK-H | 0 |
| UNITED ENERGY GROUP LTD | 37.5 |
| BYD CO LTD-H | -1.2 |
| SEMICONDUCTOR MANUFACTURING | -1.1 |
| Shanghai and Shenzhen’s Most Heavily Traded by Value | 1-Day Change (%) |
|---|---|
| ZHONGJI INNOLIGHT CO LTD-A | 4.8 |
| LAKALA PAYMENT CO LTD-A | -6.1 |
| SHENZHEN FORMS SYNTRON INF-A | 0.5 |
| EOPTOLINK TECHNOLOGY INC L-A | 4.8 |
| VICTORY GIANT TECHNOLOGY -A | 5.3 |
| HUAFON MICROFIBRE SHANGHAI-A | 11.6 |
| RONGFA NUCLEAR EQUIPMENT C-A | -3.1 |
| WUS PRINTED CIRCUIT KUNSHA-A | 10 |
| HENGBAO CO LTD-A | 5.9 |
| SUZHOU DONGSHAN PRECISION-A | 5.1 |
—
Originally Posted on June 18, 2025 – Middle East Weighs On The Middle Kingdom
Content on China Last Night is for informational purposes only and should not be construed as investment advice. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular.
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