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HK based banks collectively fell, with stanchart (02888) dropping more than 4%. The market is worried about the interest rate cut which will narrow net interest income.
hk based banks collectively fell. As of press time, stanchart (02888) fell by 4.14%, closing at HKD 72.9; hsbc holdings (00005) fell by 3.44%, closing at HKD 65.9; hang seng bank (00011) fell by 2%, closing at HKD 90.5.
In July, Hong Kong's property mortgage for existing buildings increased by 20%, reaching a new high in 11 months. However, the mortgage for off-plan properties decreased by 30%.
According to the latest data from the Department of Mortgage Intermediaries and Land Registry, there were 5,941 mortgage cases for existing buildings in Hong Kong in July 2024, an increase of 998 cases (20.2%) from June's 4,943 cases. This marks a two-month consecutive increase and a new 11-month high.
BOC Hong Kong (02388): Employment market data will be an important factor affecting the future rate cuts of the Federal Reserve.
Zhang Shiqi expects that the median year-end interest rate shown in the September dot plot will be lower than the estimated 5.1% in June.
In June, Hong Kong private building mortgages increased by 49.3% compared to the previous month, with a monthly increase in HSBC's market share approaching 30%.
Yang Mingyi, Senior Joint Director of the Research Department of Central Plains Real Estate, pointed out that there were 4,705 registered building mortgage contracts (excluding off-plan properties) in Hong Kong in June 2024.
Citic Sec: Banks sector is expected to continue to recover positions, recommending two main lines.
As of Q2 2024, banks accounted for 2.45% of the heavyweight stocks held by active funds, up 0.21pct from Q1 2024.
GTJA Securities: Diluting the obsession with scale and embracing the new norm of social financing.
PBOC Governor Pan Gongsheng pointed out at the Lujiazui Forum that when the growth of monetary and credit has shifted from supply constraints to demand constraints, if the focus is still on the increase in quantity even in the presence of a "size bias", it obviously contradicts the laws of economic operation. It is expected that the motivation behind banks using bills to pledge loans will significantly weaken, and more attention will be paid to the adjustment of loan structure and improvement of business quality and efficiency. Both social financing and credit will enter a "new normal" of growth.
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Momentum Trader : Banks keep printing new highs in HK, MY, SG and JP ! Money parking in safe haven