Crude Oil Prices Under Pressure From Weak Chinese Demand, ANZ Bank Says
China Lowers Petroleum Prices in Line With Decline in Global Prices
Northbound funds trend: Northbound funds sold a net of 4.66 billion yuan worth of Hong Kong stocks, with domestic investors selling over 2.1 billion yuan worth of Hong Kong Tracker Fund (02800).
On July 25th, the Hong Kong stock market saw net sales of 4.66 billion Hong Kong dollars from Northbound trading, with a net sell of 1.838 billion Hong Kong dollars from the Shanghai-Hong Kong Stock Connect and a net sell of 2.823 billion Hong Kong dollars from the Shenzhen-Hong Kong Stock Connect.
Mainland China lowered the price of refined oil early this morning.
According to recent changes in international oil prices, the National Development and Reform Commission stated that in accordance with the current mechanism for determining refined oil prices, the prices of gasoline and diesel (standard) will be reduced by RMB 145 and RMB 140 per ton respectively, starting at midnight. China National Petroleum Corporation, Sinopec, CNOOC and other crude oil processing enterprises must organize production and transportation of refined oil to ensure stable market supply and strictly implement national price policies. Relevant departments in various regions should increase market supervision and inspection efforts, severely investigate and deal with acts that do not implement national price policies, and maintain normal market order.
Hang Seng Index fell by 306 points, Meituan dropped more than 5%, and resource and energy stocks were weak.
The USD/JPY exchange rate fell to the edge of 152, triggering a global stock market decline due to arbitrage trading and unwinding. As for the Hong Kong stock market, the Hang Seng Index opened low by 50 points and the decline expanded. It fell to 16,964 points after a drop of 346 points, and closed at 17,004 points, a decrease of 306 points or 1.8% for the whole day. The national index fell 125 points or 2.1%, closing at 6,016 points. The Hang Seng Tech Index fell 69 points or 2%, closing at 3,421 points. The total turnover of the market for the day was HKD 105.734 billion, with a net outflow of RMB 0.36 billion and 1.64 billion in the southbound trading under the Shanghai and Shenzhen-Hong Kong Stock Connect. The chip equipment manufacturer ASMPT (00522.HK) fell after its performance announcement yesterday.
Hang Seng Index fell below 17,000 in the afternoon, hitting a three-month low, while Meituan declined more than 6%. Local stocks outperformed Evergrande and reached a nearly two-year high in energy.
Dragged down by heavyweight technology stocks such as 'Amazing Seven Heroes', the three major stock indices in the US fell significantly on the night of the 24th; the VIX index, which reflects the market panic, surged 22.6%. Stimulated by the increase in global arbitrage trade liquidation, the yen continued to rise to a two-and-a-half-month high, rising 1% at its highest to 152.22 against the US dollar. Safe-haven sentiment has risen sharply, and major stock markets in the Asia-Pacific region fell across the board today (25th), with the Nikkei index closing down 1,285 points or 3.3%. Following the decline in the past two days, the Hong Kong stock market fell below the 17,000 mark in the afternoon, dropping 335 points at its lowest to a three-month low of 16,975, and is currently reporting 17,010, continuing its decline by 300.
Hong Kong stock market mid-day review: Hang Seng Index fell by 1.42%, recording 3 consecutive declines. Technology and financial stocks and other weights fell across the board. Photovoltaic stocks bucked the trend and rose.
The three major indexes continue to decline, all recording three consecutive falls.
The government will maintain the same upper limit price for dedicated oil & gas refueling stations in August this year.
The Electrical and Mechanical Services Department announced today (25th) that, in accordance with the contract terms of the dedicated petrol station (DPS), the upper limit price of vehicular liquefied petroleum gas (LPG) for DPS will be adjusted between August 1 and August 31 this year. A spokesperson for the Electrical and Mechanical Services Department stated that, as international LPG prices in July this year remained unchanged, the upper limit prices of vehicular LPG for each DPS in August this year will remain unchanged, ranging from HKD3.49 to HKD4.38 per litre. The spokesperson pointed out that the upper limit price of vehicular LPG is priced according to the designated pricing formula in the contract. This pricing formula includes two elements: international LPG prices and LPG operating prices.
Hong Kong stock anomaly | Petroleum stocks all fell, demand concerns put pressure on oil prices, refined oil may usher in a new round of price cuts.
Petroleum stocks are all down. As of the time of writing, PetroChina (00857) fell by 3.39%, reporting 6.84 Hong Kong dollars; CNOOC (00883) fell by 3.01%, reporting 19.98 Hong Kong dollars; and Sinopec (00386) fell by 1.21%, reporting 4.88 Hong Kong dollars.
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Express News | The energy industry chain carbon footprint alliance is established in Beijing.
Due to multiple adverse factors, Russian oil exports have hit a new seven-month low!
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Express News | The Ministry of Finance: National state-owned and state-controlled enterprises' total operating income for the first six months increased by 1.9%.
Hong Kong stocks fluctuate | Petroleum stocks rebounded today, Sinopec (00386) rose more than 3%, API crude oil inventories exceeded expectations and reduced inventory.
Petroleum stocks rebounded today. As of the time of publication, Sinopec (00386) rose 3.55% to HKD 4.96; Kunlun Energy (00135) rose 2.85% to HKD 8.3; CNOOC (00883) rose 1.72% to HKD 20.7.
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PetroChina (00857.HK) signs OGDC's decarbonization pledge for petrochemicals and natural gas, committed to reducing carbon emissions.
PetroChina (00857.HK) signed the Oil and Gas Decarbonization Charter (OGDC) under the 28th United Nations Climate Change Conference (COP27) and committed to working together to reduce carbon emissions, becoming one of more than 50 oil and gas producers committed to emission reduction. With PetroChina's accession to OGDC, signatories of the charter now account for over 42% of global oil production. Huang Yongzhang, the President of PetroChina, stated that the Group has been committed to green development and is accelerating the transition to a green and low-carbon future through the use of "clean substitution, strategic substitution, and green development", and is working to transform PetroChina into a company that includes both oil and natural gas.
Rate cut bullish boosts Hong Kong stocks! Technology index leads the three major indices, with education and internet plus-related stocks performing well.
Besides the rate cut, what other good news is there in the Hong Kong stock market? Why did CITIC Securities rise? Why did Jiumaojiu drop today?
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