The Hang Seng Index rose 81 points to 26,470 yesterday, tracking Wall Street. But Shanghai's composite index fell 1.4 percent, while Shenzhen's ChiNext board index plunged 5 percent to its lowest since January 2015.
China's first half GDP grew 6.9 percent, beating the 6.8 percent forecast. But it did not help markets.
Meetings last Friday and Saturday called for the setting up of a "super regulator" to speed up IPOs and entice more firms to go public and issue bonds.
Rotational buying continued in the local market. Tencent (700) was the biggest gainer, touching anew its historical high at HK$288.40. It will issue next month its interim results, and its annual profit growth is likely about 40 percent. It's still growing at a high clip and investors should have this in their core holdings on any dip.
Chinese insurers also posted firm gains. With more channels to invest in Hong Kong stocks and improve returns, mainland insurers' products are more competitive. Ping An (2318) outperformed, but China Life (2628) and China Pacific Insurance (Group) (2601) lagged behind.
Dr Check and/or The Standard bear no responsibility for any decision made based on this column.