[ET Net News Agency, 19 June 2024] The Hang Seng Index reported 18,264 in the morning
session, up 348 points or 1.9%. The main board turnover was nearly 55.6 billion dollars.
The Hang Seng China Enterprises Index reported 6,512, up 144 points or 2.3%. The Hang Seng
Tech Index reported 3,769, up 72 points or 2%.
The three most traded stocks on the Hang Seng Index are Tencent (00700), CCB (00939),
and CNOOC (00883). Tencent reported HKD 385, up HKD 8 or 2.1%, with a turnover of HKD
3.534 billion. CCB reported HKD 5.78, up HKD 0.17 or 3%, with a turnover of HKD 1.503
billion. CNOOC reported HKD 22.25, up HKD 0.8 or 3.7%, with a turnover of HKD 1.396
billion. The three most traded stocks on the Hang Seng China Enterprises Index are
Tencent, CCB, and CNOOC. The three most traded stocks on the Hang Seng Tech Index are
Tencent, Meituan (03690), and Xiaomi (01810). Meituan reported HKD 117.7, up HKD 2.7 or
2.3%, with a turnover of HKD 1.328 billion. Xiaomi reported HKD 18.08, up HKD 0.7 or 4%,
with a turnover of HKD 1.243 billion.

"Wan Kong Shing: whether HSI can stabilize at 18,500 is key"

Hong Kong stocks reversed their recent sluggishness today, with the Hang Seng Index
opening high with a 140 points rsie and steadily rising, reaching a high of 18,320 in the
morning session. Wan Kong Shing, the Chief Investment Officer of iFAST Global Markets,
told ET Net News Agency that the Lujiazui Financial Forum held today, along with earlier
reported that the Mainland China is considering exempting Mainland China investors from
the 20% dividend tax on Hong Kong stocks purchased through the Stock Connect scheme,
market expectations are that the exemption may be implemented at this forum. If this turns
out to be true, it is believed that it will increase mainland investors' interest in Hong
Kong stocks.
In addition, the decline in US interest rates and new highs in the Nasdaq and S&P
indices have created a positive atmosphere for Hong Kong stocks today. As for whether the
Lujiazui Financial Forum this time can stimulate the Hang Seng Index to rise by several
thousand points, like the five cooperation measures in April for the Hong Kong capital
market, Wan Kong Shing believes it is too early to say at this stage. Since the Hang Seng
Index hit a one-year low in April, the rebound was significant. However, the Hang Seng
Index is currently around 18,000 points, and the upside potential is not as high as in
April. It is advisable to observe whether the Hang Seng Index can stabilize at 18,500
points during this wave. He predicts that even if the China Securities Regulatory
Commission further introduces measures to benefit Hong Kong stocks, it would be good
enough if the Hang Seng Index can rise to around 19,700 points, the high point of May.

"Gaming stocks face temporary pessimism"

MGM China (02282) announced that it has entered into a purchase agreement with Bank of
America Securities and Deutsche Bank Singapore Branch to issue senior notes with a total
principal amount of USD 500 million and a coupon rate of 7.125% maturing on 26 June 2031,
at 100% of the principal amount. The company plans to net proceeds of HKD 3.8593 billion
or USD 493.1 million from the issuance of the notes, which will be used to repay
outstanding amounts under revolving credit facilities.
MGM China's stock price fell against the market trend in the morning session. Wan Kong
Shing stated that gaming-related stocks have shown weak performance recently, and MGM
China's stock price is currently in a period of adjustment. Today's stock price
performance is not directly related to the bond issuance. In fact, issuing bonds is not a
bad thing for a company; it is generally done to prepare funds for the company's future
development. Compared to issuing new shares, issuing bonds is a more reasonable option and
has a stabilizing effect on stock prices. However, he pointed out that from a technical
chart perspective, MGM China's stock price is currently near the neckline of a double top
pattern. If it can hold above HKD 13.1, there may be an opportunity to rise to HKD 14.5 in
the future, but further upward movement to the resistance level of HKD 15.2, the high
point of May, is believed to be more challenging.