According to the first financial report, "never seen before! Referring to the sharp decline in Hong Kong stocks on March 14, a QDII fund manager in Shenzhen told the first financial reporter.
On March 14, the Hang Seng Index fell sharply. As of the close, the Hang Seng Index closed at 19531 points, down 4.97%, the largest one-day decline since May 2020; the Hang Seng Technology Index closed at 3778.6 points, down 11.03%, refreshing the largest closing decline in history.
The last time Hong Kong stocks fell below 20,000 points, it was during the A-share circuit breaker in 2016. Now, after six years, the Hang Seng Index has once again fallen below the 20,000-point mark, and well-known investors such as Duan Yongping and Munger have been deeply trapped in the bottom of the Internet.
Big A shares also failed to stand alone, the three major A-share indexes opened collectively low on the 14th, as of the close, the Shanghai index fell 2.61%, the Shenzhen component index fell 3.08%, and the ChiNext index fell 3.56%. It is worth mentioning that northbound funds sold a large net of 14.408 billion yuan today. Guizhou Moutai, China Zhongwai and Oriental Fortune received net sales of 1.556 billion yuan, 801 million yuan and 667 million yuan respectively. Luxshare Precision's net purchases were the highest at $288 million.
"My legs have been soft in the past few days", a senior fund manager who "bottomed out" in early March and copied it in the "halfway point" told the first financial reporter that he thought he could rebound, but a little rebound continued to fall.
To be honest, seeing that Hong Kong stocks have encountered one of the fiercest sell-off waves in history, many people have a hard time understanding, wondering what is going on in Hong Kong stocks, and how should we see such a serious sell-off storm in the Hong Kong market? What's the reason for this?
First of all, we must understand that the current Hong Kong stock market has such a serious sell-off, in fact, there is not much to do with the logic between the business development of Hong Kong stocks themselves, the business and fundamentals of Hong Kong stocks themselves have not changed much, and the core reason is that the current entire capital market has produced a very panic mood, from a macro point of view, the Fed's interest rate hike and balance sheet reduction will lead to the rising liabilities of the entire overseas funds, so the funds began to withdraw from various emerging markets in large quantities. As the most important emerging market stock, Hong Kong stocks have played a very important role during this period, facing a large amount of hot money withdrawal, and there will inevitably be a more obvious downward trend, which is an external macro factor for Hong Kong stocks.
Secondly, let's look at the impact of economic globalization, the entire Chinese stock market in the U.S. stock market showed a large-scale plunge in the trend of reflection, the current U.S. capital market to the Chinese stock market is more and more unfriendly, in fact, in the middle, but the reason why the Chinese stock market will have such a large-scale decline The most core reason is that the entire U.S. capital market has shown a clearly unoptimistic trend for Chinese stocks, at the same time we see that the global stocks and bonds have attracted a lot of selling. It can be said that the market's current risk appetite has been fully transformed into the direction of risk aversion, in such a background, Chinese stocks have shown a crazy downward trend, and the final result has directly driven the large-scale decline of the entire Hong Kong stock capital market. It can be said that Hong Kong stocks are dragged down by panic, resulting in a large-scale decline.
Third, for the current Hong Kong stock market, it may not be effectively alleviated before panic, there will still be a relatively large-scale downward trend, but from the perspective of the long-term overall, the performance fundamentals of the Hong Kong stocks themselves have not changed, and many Hong Kong listed companies themselves are in a relatively good state, so in such a background, we are still more optimistic about the development of the Hong Kong stock market in the medium and long term, but in the short term we solemnly remind the market. There are huge risks in both Hong Kong stocks and Chinese stocks. With the average investor, what may be most needed is enough confidence and flexible enough means of operation to find market opportunities through swings, and large-scale bottoming is likely to face huge risks.