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US Markets Closed for Memorial Day, Hong Kong Stocks Rise


US Markets Closed for Memorial Day, H.K. Stocks Rise

Due to Memorial Day in the US and the Spring Bank Holiday in the UK, both markets are closed today.

The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) index, will be released this Thursday. Economists expect the report to show positive signals, indicating that inflation has not stalled. On Monday, gold and silver prices both rose, each gaining over 1% during the day.

US Stocks

US markets are closed today in observance of Memorial Day.

Hong Kong Stock Market

 Fundamental Analysis: 

Hong Kong’s three major indices rose collectively. Tech stocks broadly increased, with Tencent up nearly 2%, Baidu and NetEase rising over 1%, while Xiaomi fell.

Leading the gains were oil stocks, with PetroChina up over 3%. Coal stocks were active, with Mongolian coking coal rising over 6%.

Semiconductor stocks continued their rally from the previous day, with Shanghai Fudan up nearly 3%. Internet healthcare stocks surged, led by Alibaba Health, which jumped over 12%.

EDA Group Holdings surged nearly 36% on its debut, while Evergrande Auto, which surged yesterday, fell nearly 20%.

Oil stocks led the gains, with PetroChina up over 3%. Goldman Sachs raised its global oil demand forecast for 2030 and projected that consumption will peak by 2034 due to a slower adoption rate of electric vehicles. Refinery capacity utilization is expected to remain above average until the late 2020s.

Technical Analysis:  

(Hang Seng Index, 1-day chart) 

(Hang Seng Index, 1-day chart) 

Market Trends: 

  • Hang Seng Index: up 0.57%, to 18,934.74
  • Hang Seng Tech Index: up 0.79%, to 3,894.91
  • Hang Seng China Enterprises Index: up 0.65%, to 6,731.29

FTSE China A50 Index

 Fundamental Analysis: 

Mainland China’s three major indices adjusted in the morning session, with the Shanghai Composite slightly up by 0.01% after recovering from a dip. The power and grid sectors continued to surge.

The power and grid equipment sectors saw substantial gains, with several stocks, including CSG International, Meiyan Jixiang, Mingxing Power, Shennan Electric, Jinli Huadian, Jiangsu Huacheng, and China Electric Power Institute, hitting the daily limit.

The semiconductor sector maintained its strength from the previous day, with Broadcom Integration, Shanghai Belling, TaiJi Semiconductor, and Yangfan New Materials all hitting the daily limit.

The non-ferrous metals sector also strengthened, with Huayu Mining hitting a daily limit and Xingye Tin reaching a new high. Conversely, cross-border e-commerce stocks weakened, with Save Day, Worth Buying, and Santai Holdings each falling over 8%.

Technical Analysis:  

(SSE Composite Index, 1-day chart) 

(SSE Composite Index, 1-day chart) 

Market Trends: 

  • Shanghai Composite Index: up 0.01%, to 3,124.23
  • Shenzhen Component Index: down 0.60%, to 9,450.43
  • ChiNext Index: down 0.72%, to 1,817.74
  • STAR Market 50 Index: up 0.31%, to 740.92

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