Market Insight

Half Day Roundup

U.S. Treasury Secretary Yellen promised to support small bank deposits. The Hong Kong market continued to rebound today. The HSI opened 169 points higher and then expanded its gains. It once rose 516 points to 19,775 points. The HSI rose 370 points or 1.9% in mid-day to 19,629; the HSCEI rose 109 points or 1.7% to 6,659; the HSETCH rose 58 points or 1.5% to 4,023. The market's mid-day turnover totaled HK$61.26bn. Financial stocks continued to rebound after fully written down of Credit Suisse's AT1 bonds. HSBC (0005) and AIA (1299) rose 3.3% and 3.1% respectively. China tech stocks generally performed well, Tencent (0700) and Alibaba (9988) rose 2.0% and 3.6%.

Source: KGI Asia Investment Strategy

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