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Hong Kong Stock Market Movement: Shipping stocks continue to rise, red sea crisis continues, and congestion in major ports in Asia pushes up freight rates.
Zhì tōng cáijīng APP learned that shipping stocks continued to rise. As of press time, Cosco Shipping Development (02866) rose 3.6%, to HKD 1.15; Cosco Shipping Holdings (01919) rose 2.05%, to HKD 14.9; SITC International Holdings Co Ltd (01308) rose 2.13%, to HKD 21.55. On the news front, the economic impact of Houthi attacks on commercial ships in the Red Sea is continuing to expand, and the global shipping capacity shortage situation is deteriorating. The global shipping trade giant Maersk recently raised its full-year profit forecast, stating that the congestion in the Red Sea has a far greater impact on the global shipping supply chain than previously expected. The Maersk Group stated that the global
Hong Kong stock concept tracking | The global shipping prices soar as Singapore port experiences 'mega congestion'; Institutions are bullish on these symbols (including concept stocks).
Some industry insiders have pointed out that the sustained upward trend in freight rates due to port congestion may continue until the end of the year.
Intelligent Hong Kong stock analysis| Welcoming the post-easy era, Nvidia's record high stimulates the strong performance of technology stocks.
As a market that has long been integrated with the international market, Hong Kong stocks have been much stronger recently than A-shares. Despite the rise and fall, the market was relatively stable and closed up by 0.29%. A-shares continue to be in a period of internal restructuring, and with strict control over algorithmic trading, micro-cap stocks that it harvests are all in a state of large-scale decline. The Hong Kong stock market has entered a period of easing after trading. At 21:45 on Wednesday evening Beijing time, the Bank of Canada released its interest rate decision, announcing a 25 basis point cut in its benchmark interest rate to 4.75%, making it the first G7 country to cut interest rates. After the Bank of Canada's rate cut, there was pressure on the Fed. There is a "small non-".
A-share noon report: Shanghai index fell by 0.08%. Car service and education stocks fell the most, while the golden industrial concept rebounded together.
As of the midday closing, the Shanghai Composite Index fell by 0.08% to 3062.93 points, the Shenzhen Component Index fell by 0.12%, and the ChiNext Price Index fell by 0.17%.
Hong Kong stock concept tracking | Maersk raised performance expectations, global shipping market is booming (with concept stocks)
On June 3, global container leader Maersk announced an upward revision of its full-year performance expectations. Maersk stated that due to sustained strong demand in the container market and the continuing chaos caused by the Red Sea crisis, signs of further congestion at ports are now also visible, especially in Asia and the Middle East regions. At the same time, container freight rates are further rising, expected to promote strong growth in financial performance in the second half of 2024. Guotong Securities pointed out that considering that European line capacity deployment accounts for 24% of global capacity, the static impact of detours on global capacity is about 5% (considering the US East Coast route, but not considering the impact of Cape of Good Hope wind direction and port supply capacity on spot capacity).
Hong Kong stocks soar| Cosco Shipping Holdings (01919) rose more than 5%, leading the marine transportation stocks. Maersk Line raised its performance expectations again and institutions said that the demand during the peak season has not been fully relea
According to the WiseNews app, marine transportation stocks continued to rise in the morning session. As of the publication, Cosco Shipping Holdings (01919) rose 5% to HKD 14.7; OOIL (00316) rose 4.46% to HKD 142.9; Cosco Shipping Development (02866) rose 3.7% to HKD 1.12; Sinotrans Limited (00598) rose 2.51% to HKD 4.09. In terms of news, Maersk announced on June 3 that it has raised its full-year profit forecast. Maersk stated that due to the sustained strong demand in the container market and the continued chaos caused by the Red Sea crisis, further congestion at the port is also expected.
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