Asian equities had a strong day on Ukraine peace talks in Turkey while China was off though not significantly.
Asian equities had a strong day on Ukraine peace talks in Turkey while China was off though not significantly. The Hang Seng Index gained +1.12% led by Hong Kong internet stocks as the Hang Seng Tech +2.52% as Meituan added another +5.78% following its Q4 financial results post Hong Kong close Friday. JD.com HK gained +6.05% after spinoff JD Health gained +17.88% after announcing a buyback. There is talk JD sent laid-off workers a graduation card though I hardly see that as a reason to buy or sell. A factor for JD.com is Chinese investors in China can only sell the shares received from Tencent via Southbound Stock as they did yesterday and today. Southbound Connect was a net sale but not by a significant amount as Mainland investors were net buyers of Tencent and Meituan. TikTok rival Kuaishou jumped +4.6% in advance of Q4 financials which were released after the Hong Kong close beating expectations. Hong Kong volumes were -6.83% from yesterday which is only 84% of the 1-year average as advancers 251 outpaced decliners 221. Healthcare was a strong performer in Hong Kong +2.
