Market Insight

Market Roundup

The market is waiting to see the FOMC meeting. Hong Kong stocks were volatile. The HSI once fell 133 points to 16,979, and then gradually recovered its losses. The HSI rose 6 points, or 0.04%, to 17,119 in mid-day; the HSCEI fell 1 point, or 0.02%, to 5,860; the HSTECH fell 12 points, or 0.3%, to 3,747. The total half-day turnover of the market shrank to HK$38bn. The stock prices of some catering stocks have experienced a sharp correction. Haidilao (6862) acquired the Japanese hotel business from Super Hi (9658). The former's stock price fell 10.9% in half a day, while Super Hi fell 0.3%. Yum China (9987)'s net profit for the first three quarters rose 88% but was still lower than expected. Its stock price fell 14.3%. Berkshire Hathaway further reduced his holdings in BYD (1211), and the stock price fell 1.8% to HK$233.2.

Source: KGI Asia Investment Strategy

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