Northbound funds | Northbound trading recorded a net selling of 3.952 billion, with domestic funds aggressively buying and leading the way in subscribing to shares of China Construction Bank (stock code: 00939). Throughout the day, there were noticeable sell-offs of semiconductor stocks and Hong Kong Stock Exchange traded funds.

On April 29th, the Hong Kong stock market saw net selling of 3.952 billion Hong Kong dollars by northbound investors. Among them, the Shanghai-Hong Kong Stock Connect saw net buying of 1.201 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect saw net selling of 5.153 billion Hong Kong dollars. The stocks with the most net buying by northbound investors were China Construction Bank Corporation (00939), CNOOC (00883), and YOFC (06869). The stocks with the most net selling were Hang Seng H-Share Index ETF (02828), TRACKER FUND OF HONG KONG (02800), and Tencent (00700). Active trading stocks for the Shanghai-Hong Kong Stock Connect: - China Construction Bank Corporation (00939) saw net buying of 494 million Hong Kong dollars. - CNOOC (00883) saw net buying of 331 million Hong Kong dollars. In terms of news, CNOOC's first quarter earnings benefited from rising oil prices and strong production growth, with net profit increasing by 7% year-on-year to 39 billion RMB. YOFC (06869) saw net buying of 227 million Hong Kong dollars, while Cig Shanghai (06166) saw net selling of 191 million Hong Kong dollars. The growth of optical communication industry is expected to be higher than the industry average, with an optimistic outlook on investment opportunities in companies related to optical modules, chips, and components. Northbound investors continued to adhere to Hong Kong ETFs, while reducing their holdings in chip stocks such as HUA HONG SEMI (01347) and Semiconductor Manufacturing International Corporation (00981). The US has recently tightened export controls on semiconductor hardware equipment to Chinese companies. The Tracker Fund of Hong Kong (02800) and Hang Seng H-Share Index ETF (02828) saw net selling of 9.28 billion and 22.74 billion Hong Kong dollars respectively. News sources indicated that the US-Iran tensions may affect market sentiment. In addition, BABA-W (09988) and Tencent (00700) saw net selling of 2.17 billion and 7.33 billion Hong Kong dollars respectively.