Market Roundup

Half Day Roundup

The U.S. ISM manufacturing index for August was worse than market consensus. The market was worried about the U.S. economy, and U.S. stock markets fell by more than 1%. Asia-Pacific stock markets followed the decline today. The HSI opened 176 points lower and then expanded to a drop of 318 points. The decline later narrowed. It was at 17,462 at mid-day, down 189 points or 1.1%; the HSCEI fell 68 points or 1.1% to 6,135; the HSTECH 14 points or 0.4% to 3,482. The total market turnover was HK$53.29bn. Libyan oil supply is expected to return to the market, then international oil prices fell. The share price of 3 oil SOEs fell between 2.9% and 5.9%. A total of 370mn shares of Sanergy Group (2459)'s major shareholders were forced to be sold, and shares rose 40% at mid-day after trading resumed this morning.

Source: KGI Investment Strategy

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