HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs

337 Views14 Jul 2024 15:35
SUMMARY
  • SOUTHBOUND was again a net buyer, for HK$7.3bn this week, on smallish two-way volumes. Major buying was mostly SOEs.
  • The more I watch, the more I think the last few months have had serious national team buying of banks and energy, perhaps ahead of shareholder return policy changes.
  • But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows - national team and otherwise.
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