The Hang Seng Index got off to a rough start on Monday, hitting a new low for November on disappointment over stimulus measures released from China's briefing before the weekend.
Hong Kong equities will of course be watching for any China-related headlines that President-elect Trump is likely to deliver. Also, this week will see earnings from the Hang Seng Index's two largest companies — Tencent topping the charts on Wednesday and Alibaba following on Friday.
Tencent's previous earnings report comfortably beat estimates, which helped boost the HSI at the time. Although the gauge fell back down until China began announcing stimulus measures in September. Alibaba's recent history, on the other hand, has been patchy, with earnings coming in below estimates in two of its last four reports. Although the extended Singles' Day shopping festival could provide a boost to the company's customer management earnings, Bloomberg Intelligence notes.
In the meantime, equity traders will be turning their attention to October's low of 19,977 as a key point for equity investors to give up.
Source: Bloomberg
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