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Crude Oil Market to Reach $3.0 Trillion, Globally, by 2033 at 1.5% CAGR: Allied Market Research
Northbound capital movement: Net buying of 1.918 billion yuan; China Mobile (00941) received buying from domestic investors; Hong Kong stock ETF was sold off again.
On August 13th, the Hong Kong stock market saw a net buying of 1.918 billion Hong Kong dollars by the northbound funds, in which the Shanghai-Hong Kong Stock Connect had a net buying of 1.262 billion and the Shenzhen-Hong Kong Stock Connect had a net buying of 0.656 billion.
Hong Kong Stocks Join Regional Recovery as Tencent, Oil Firms Pace Gains
Overnight international oil prices rose, driving petroleum stocks up. CNOOC (00883) rose 2.08%. McGrory expects a Q4 oil price correction.
Petroleum stocks mostly rose, with Sino Oil & Gas (00702) up 10.29%, CNOOC (00883) up 2.08%, Yanchang Petro (00346) up 1.96%, Kunlun Energy (00135) up 1.3%, Sinopec (00386), and PetroChina (00857) following the trend. The escalation of the Middle East conflict may cause market tension, and investors expect it to lead to global crude oil supply tension, resulting in a rise in international oil prices, for five consecutive trading days. The overnight NYMEX crude oil settled at $80.06 per barrel, up 4.2%. The London Brent crude oil settled at 82.3 per barrel.
Hong Kong stocks fluctuate, with petroleum stocks leading the gains. Several top US oil refiners have slowed production due to concerns about global oversupply of crude oil products.
Petroleum stocks are leading gains. As of the time of publication, CNOOC (00883) rose 2.58% to HK$20.25, PetroChina (00857) rose 2.55% to HK$6.84, Kunlun Energy (00135) rose 1.30% to HK$7.81, and Sinopec (00386) rose 1.21% to HK$5.02.
Hong Kong Shares Edge 0.3% Higher, Tracking Wall Street -- Market Talk
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