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sian equities were mixed this week, with Pakistan, India, and Japan outperforming while Mainland China, India, and the Philippines underperformed. Deputy Minister Liao Min's comments on stimulating consumption to boost demand ahead of the National People's Congress meeting in Beijing were seen as constructive.
China real estate stocks gained on improving sales data, while retail sales rose 3.2% in September, beating expectations. Apple's weak results weighed on its suppliers, including Foxconn and Sunny Optical, which fell by 2.35% and 3.65%, respectively.
Technology was the worst-performing sector in Mainland China, with subsectors like software, semiconductors, autos, and electronic equipment underperforming. However, technology names managed a small gain in Hong Kong, up 0.45%. Growth stocks had a good session, with Li Auto falling 9.59% versus its ADR's 13.58% decline.
October auto sales were released, showing BYD delivered 502,657 new energy vehicles, up 66.53% year-over-year and 19.84% month-over-month. NIO delivered 16,657 NEVs, down 18.14% month-over-month. Li Auto delivered 51,443 NEVs, up 27.26% year-over-year but down 4.22% month-over-month.
The "private" Caixin Manufacturing PMI rose to 50.3 in October, beating expectations and suggesting government policy is working. Mainland investors bought a net $546 million worth of Hong Kong-listed stocks on Wednesday, bringing the weekly total to $1.95 billion and the year-to-date total to $75.78 billion.
The China-US Financial Working Group had its sixth meeting, chaired by PBOC Deputy Governor Xuan Changneng and Secretary for International Finance Brent Neiman. The Chinese and Indian governments are also making progress on their border dispute after Modi and Xi met at the BRICS conference.
Alibaba's Hong Kong share class converted to a dual primary listing in late August, allowing it to be added to Southbound Stock Connect. In just over two months, Alibaba is now the 10th largest position in Southbound Stock Connect, with 3.54% of its shares held by Mainland investors via the platform.
The Hang Seng and Hang Seng Tech indexes diverged on Wednesday, with the former gaining 1.3% and the latter falling 0.34%. The value factor and large caps gained more than the growth factor and small caps. Real estate was the top-performing sector, while semiconductors, food & beverage, and autos were among the worst-performing subsectors.
Shanghai, Shenzhen, and the STAR Board fell on Wednesday, with the latter falling 3.06%. The value factor and large caps outperformed the growth factor and small caps. Energy was the top-performing sector, while technology fell 3.30%.
The upcoming National People's Congress meeting in Beijing is expected to focus on stimulating consumption and boosting demand. The government's efforts to stabilize housing prices appear to be working, but this will be a long-term issue.
Mainland investors bought $546 million worth of Hong Kong-listed stocks on Wednesday, bringing the weekly total to $1.95 billion and the year-to-date total to $75.78 billion.
