Market Insight

Market Roundup

Hong Kong stock market opened higher today and then fell. The HSI fell 344 points or 2% in the mid-day to 17,010 after opening 4 points higher. The HSCEI fell 130 points or 2.2% to 5,826. The HSTECH fell 79 points or 2% to 3,920. The market’s mid-day total turnover was HK$67.47bn. Meituan's management guidance for the coming quarter hinted at a slowdown in food delivery revenue growth, and its stock price fell 11% to HK$91.65 in the mid-day. The share prices of heavyweights Tencent (0700) and Alibaba (9988) fell 0.8% and 2.9% respectively. Evergrande Property (6666) sought RMb2bn from its parent company Evergrande (3333). Evergrande Property ended the day flat, while Evergrande fell 9.2%. L'Occitane (0973) 1H23 net profit fell 45%, share price fell 9%.

Source: KGI Asia Investment Strategy

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