Some Hong Kong Stocks Are Soaring Again On Chinese Whispers About A Profitable Bailout
Portfolio Pulse from Daniel Harrison
Rumors of a Chinese government stimulus have been boosting investor sentiment in Hong Kong, with expectations of an additional 1 trillion RMB ($137 billion) to support the local economy. This has led to a surge in Hong Kong and Chinese stocks. The iShares China Large Cap ETF (NYSE:FXI) is down 8.3% year-to-date, while the SPDR S&P 500 ETF (NYSE:SPY) has risen 14% during 2023. Stocks such as Country Garden Holdings Company Limited (OTC:CTRYF), China Evergrande Group (OTC:EGRNF), China Evergrande New Energy Vehicle Group Limited (OTC:EVGRF), XPeng Inc (NYSE:XPEV), and NIO Inc. (NYSE:NIO) have seen significant gains.
October 11, 2023 | 5:47 pm
News sentiment analysis
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POSITIVE IMPACT
Country Garden Holdings Company Limited (OTC:CTRYF) gained back 4% after plunging 11%.
The stock is expected to recover due to the anticipated Chinese government stimulus.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
China Evergrande Group (OTC:EGRNF) soared 22%.
The stock is expected to continue its upward trend due to the anticipated Chinese government stimulus.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
China Evergrande New Energy Vehicle Group Limited (OTC:EVGRF) ended the day up 18.6%.
The stock is expected to continue its upward trend due to the anticipated Chinese government stimulus.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
NIO Inc. (NYSE:NIO) 5.6% stronger.
The stock is expected to continue its upward trend due to the anticipated Chinese government stimulus.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The SPDR S&P 500 ETF (NYSE:SPY) has risen 14% during 2023.
The ETF is expected to continue its positive performance due to the overall strong performance of the S&P 500.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
XPeng Inc (NYSE:XPEV) Inc 3% higher.
The stock is expected to continue its upward trend due to the anticipated Chinese government stimulus.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The iShares China Large Cap ETF (NYSE:FXI) is down 8.3% year-to-date.
The ETF is expected to be negatively impacted by the overall weak performance of Chinese stocks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80