In today’s briefing:
- HK Connect SOUTHBOUND Flows (To 26 Jul 2024); ETFs Get Bought, Banks Have Gone Missing
- A/H Premium Tracker (To 26 Jul 2024): SB Bought, NB Sold, HK/China Markets Weak, Spreads Volatile
HK Connect SOUTHBOUND Flows (To 26 Jul 2024); ETFs Get Bought, Banks Have Gone Missing
- SOUTHBOUND was again a net buyer, for HK$7.8bn this week (now 25wks in a row of net buying), on smallish two-way volumes.
- I’ve thought national team was buying banks for months. This week, 1 bank showed up in the top 20 net buys after only 1 in the top ten last week.
- There were three ETFs in the top six SOUTHBOUND buys this past week. That was unusual. Some high div SOEs got sold.
A/H Premium Tracker (To 26 Jul 2024): SB Bought, NB Sold, HK/China Markets Weak, Spreads Volatile
- The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
- SOUTHBOUND inflow strong but SOEs not leading. Hang Seng down again, A-shares down more. Bank buying minimal.
- AH Premia fell 30bp on average. 1% for Liquid names. HK vs A-shares saw an even wider spread (the opposite of last week). SUPER-tight AH premia saw best H outperformance.
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