At the time of the scrip (September 21, 2023), Tencent had fallen to $303, which had been a candle for 8 consecutive days. The drop was not huge, but the weakness persisted. From a valuation perspective, the share price is cheap, and as a medium-long line investment, a position around $300 is relatively worthwhile. But it should be noted that,Valuation cheapness can be in the same direction as the share price movement, or it can be individual developments。 And what has been happening in the Hong Kong stock market in recent months is certainly not about valuations. It is mainly driven by foreign capital flows, causing continued weakness. So even if the valuation of Hong Kong is already at an all-time low, it is not necessarily going to rise. When the situation may change, there is no answer for the time being.
Hong Kong stocks have not been much to talk about recently, and their performance has long been out of step with the international market. yesterdayHong Kong stocks trade up just $713 billion on the whole day, is the lowest traded amount in three months. TSLA, NVDA, AAPL, and any stock traded on a single day, is already more than the entire Hong Kong stock market, and Hong Kong stocks are arguably entering the stage of drudgery. Since there is nothing worth saying,Therefore, from the point of view of index statistics, it is simply a constant reference to the current state of affairs。
Heng pointed to this month's highs and lows of only 1200 pips (6.9%), almost half of the 11.7% average for the first eight months, accounting for more than this monthly volatility. While the current constant index is close to an intraday low, it is almost impossible to break through the highs in September again. If the monthly highs and lows are to be attached to an average of around 10%, the constant index is now...