Market Roundup

Market Roundup

U.S. Federal Reserve Chairman Powell was once again hawkish, and U.S. stocks suffered setbacks. Hong Kong stocks opened down 160 points at 17,351 points, and fell 308 points, or 1.76%, to 17,203 points at market close. The H-Share Index fell 129 points, or 2.1%, to 5,901 points. The Hang Seng Technology Index fell 132 points, or 3.3%, to 3,892 points. The market turnover was HK$75.1 billion. Semiconductor Manufacturing International Corporation (981) and Hua Hong Semiconductor (1347) announced results last night and their fourth-quarter outlook was worse than market expectations, which put pressure on stock prices, falling 6.8% and 15.8% respectively.

Source: KGI Asia Investment Strategy

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