MS#HSI RC2708X(54331.HK)

Hong Kong Stocks Under Pressure, Still Head for Solid Monthly Gain

Hong Kong stocks fell 1.5%, dropping 412 points to 27,545, ending a seven-session winning streak amid profit-taking and caution ahead of China's January PMI data. The decline was influenced by a drop in U.S. stock futures and a warning from Apple about margin pressures. Despite the drop, Hong Kong equities are on track for a third consecutive weekly gain and a monthly rise of nearly 8%, supported by signs of stabilization in the property market and eased financing constraints for builders.

CSRC: Some licensed organizations obstruct inspections, warning that violators may face penalties

The Securities and Futures Commission warns that some licensed corporations are obstructing regulatory work during inspections, including delaying, refusing inspections, and providing false documents. The Securities and Futures Commission reiterates that licensed corporations must fully cooperate with inspections, and if they obstruct inspections, regulatory measures will be taken, including additional license conditions or restrictions on business activities, and if necessary, the matter will be referred to other regulatory agencies

The Hong Kong Hang Seng Index opened down 0.65%, and the Hang Seng Tech Index fell 0.88%

Hong Kong Exchanges and Clearing (388.HK): Previous highs under pressure with fluctuations, whether trading volume can increase is key

The Hong Kong Exchanges and Clearing (HKEX) made several attempts to surge to previous high levels during the trading session yesterday, ultimately closing with a slight increase. However, due to the overall trading volume not significantly expanding, the short-term pace appears somewhat cautious. The trading atmosphere in the market has warmed up, with northbound funds showing a net inflow again, driving a positive performance in the morning session. As a core target in the market, HKEX has always been a focus for active funds, especially stimulated by news of new stock listings, which has enhanced the market heat for HKEX through weight rotation. In the afternoon, some funds chose to take profits, leading to increased volatility at high levels. From a sector perspective, the interaction between northbound and southbound funds has become a long-term favorable logic for HKEX. The market generally expects that trading volume is likely to further expand in the future, but the Hang Seng Index experienced significant fluctuations during the day. Under the catalysis of T+0 trading policies, the short-term capital game has noticeably intensified. The entire day's trend was repetitive, with significant resistance at high levels, and a fierce tug-of-war between bulls and bears at critical points. The intraday trading volume did not show smooth expansion, indicating that a phase breakthrough is waiting for the main funds to follow through. From a technical perspective, HKEX currently maintains a bullish structure, dominating market sentiment. Indicators are generally in an upward channel, but in high zones, the adjustment sentiment among funds has intensified, and the willingness to take profits on holdings has increased. Whether an effective breakthrough can be formed in the future will depend on observing the follow-up volume and new policies providing support. In the medium to short term, if trading volume continues to expand, a true breakthrough at key positions is expected; if the volume shrinks, there may be repeated fluctuations at high levels. Investors should pay attention to policy trends and the overall capital aggregation effect in the Hong Kong stock market

The Hang Seng Index main futures closed down 0.81% in the overnight session, reporting 27,829 points. The Hang Seng TECH Index main futures closed down 1.04% in the overnight session, reporting 5,799 points