Market Insight

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

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.