Mon Sep 16 15:08:53 UTC 2024: ## Asian Equities Mostly Higher Despite Market Holidays and Weak Economic Data
**Hong Kong, September 11, 2023** – Asian equities saw a mostly positive performance overnight despite multiple market holidays across the region and a weaker-than-expected economic data release in China.
Trading volumes were significantly lower than usual, with a 46% decline from Friday, likely due to the closures of the mainland China, Japan, South Korea, Indonesia, and Malaysia markets for holidays.
The Hang Seng and Hang Seng Tech indices gained +0.31% and +0.51%, respectively, with 253 stocks advancing and 223 declining.
China’s August economic data release came in below expectations, leading to speculation that the government may increase stimulus measures. This optimism drove the Hong Kong market higher, even without the support of mainland investors through the Southbound Stock Connect.
Despite the overall positive performance, the real estate sector underperformed, reflecting continued weakness in the housing market.
Several individual stocks saw significant movement. Tencent gained +0.80% on the back of share buybacks, while Meituan rose +2.85% following a bond upgrade by S&P.
Alibaba, on the other hand, fell -0.91% as traders anticipated a negative impact from the absence of Southbound flow.
Other notable movers included Kuiashou (+4.59% on a broker upgrade), JD.com (-0.86%), Trip.com (+0.6%), NetEase (-1.23%), and Baidu (+0.67%).
Despite negative headlines regarding China in Western media, the resilience of the Hong Kong market is seen as a positive sign.
The top-performing sectors were healthcare, materials, and communication services, while real estate, consumer staples, and technology were among the laggards.
With the Southbound Stock Connect closed and mainland China markets remaining closed tomorrow, the market is expected to remain relatively quiet in the coming days.
First Piper 