[ET Net News Agency, 28 June 2024] The Hang Seng Index was at 17,815 in the morning
session, up 98 points or 0.6%, with main board turnover of nearly HKD 47.8 billion. The
Hang Seng China Enterprises Index was at 6363, up 39 points or 0.6%. The Hang Seng
Technology Index was at 3580, down 7 points or 0.2%.
The three largest traded stocks in the Hang Seng Index were Tencent (00700), Meituan
(03690) and China Mobile (00941); Tencent reported HKD 374, down HKD 0.4 or 0.1%, with a
turnover of HKD 2.566 billion; Meituan reported HKD 112.1, down HKD 1.6 or 1.4%, with a
transaction volume of HKD 1.318 billion; China Mobile reported HKD 77.05, an increase of
HKD 2.05, or 2.7%, with a transaction volume of HKD 1.298 billion. The three largest
traded stocks on the Hang Seng China Enterprises Index are Tencent, Meituan and China
Mobile. The three largest traded stocks on the Hang Seng Technology Index were Tencent,
Meituan and Alibaba (09988); Alibaba was quoted at HKD 71, down HKD 0.55 or 0.8%, with a
transaction volume of HKD 1.098 billion.

"Nip Chun Pong: if HSI fails to stay above 18,000 points, it will test 17,000 points"

Hong Kong stocks have repeatedly been on the weak side. The Hang Seng Index opened more
than 100 points lower this morning and then rebounded slightly, rising nearly 100 points
in half a day. Nip Chun Pong, the Chief Strategist at Blackwell Global Asset Management,
told ET Net News Agency that throughout June, the Hang Seng Index generally consolidated
sideways, but yesterday it closed below 17,800 and hit the lowest closing price since the
end of April. The trend was not ideal. He mentioned that if in the first week of July, the
Hang Seng Index finally closes above 18,000, the trend would not be too pessimistic,
otherwise the support level would move down to 17,000 to 17,200.
Mainland China's Third Plenary Session of the Central Committee of the Communist Party
of China is confirmed to be held in mid-July. Nip Chun Pong pointed out that the market is
still waiting for the introduction of favourable measures before and after the meeting,
but it also depends on whether the intensity and scale of the measures are in line with
market expectations, otherwise the negative downward trend will be difficult to improve.

"Telecom stocks are resilient and China Telecom is the pick"

Hong Kong stocks rebounded this morning, and China characteristics stocks rebounded
collectively. Crude oil, coal, electric power and even chemical stocks all performed well,
and telecommunications stocks even showed a breakthrough trend. China Mobile (00941) rose
nearly 3% in half a day, hitting a new high in more than nine years. Nip Chun Pong said
frankly that under the conditions of stock speculation and not market speculation, China
characteristics stocks is more attractive, and oil and gold prices also support the
performance of related stocks.
As for the leading telecommunications stocks this time, Nip Chun Pong pointed out that
the ongoing Shanghai MWC conference is also one of the catalysts for the strengthening of
stock prices. The government has high support for the industry and is more capable of
resisting foreign sanctions. Among the three major Chinese telecommunications stocks, he
recommends China Telecom (00728), which is relatively cheap, and is optimistic that it
will have the opportunity to challenge HKD 5.2 or even HKD 5.5 in July.