Market Insight

Market Roundup

The HSI opened 88 points higher today and then fell 101 points in the mid-day. The index continued to fall in the afternoon, closing at 16,646 today, down 184 points or 1.1%. The HSTECH reported at 3,759, down 71 points or 1.9%. The HSCEI fell 58 points, or 1.0%, to 5,703. The market turnover was HK$106.4bn. The market is looking forward to the rate cuts in next year, and the price of gold has reached a new high. The share price of gold mining stock Zijin (2899) rose 3.8% today. It was reported that many Chinese banks had not received the "whitelist", and Chinese developers CIFI (0884) and Longfor (0960) fell 5.1% and 2.5% respectively.

Source: KGI Asia Investment Strategy

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