Market Roundup

Market Roundup

U.S. stocks will be closed on Monday for the U.S. Labor Day holiday. The Hang Seng Index opened 26 points lower, opening at 17,666 points, and closed at 17,651 points, down 40 points or 0.2%. The HSCEI Index fell 8 points, or 0.1%, to 6,203 points. The Hang Seng Index was at 3,496 points, up 10 points or 0.3%. The total daily turnover of the market was HK$79.3 billion. New World (17) rose 0.3% in the afternoon. The market was concerned about the further narrowing of net interest margins of Chinese banks. Chinese banking stocks were under pressure. China Merchants (3968) fell 3.1%, Industrial and Commercial Bank of China (1398) fell 2.1% and Bank of China (3988) fell 2%.

Source: KGI Investment Strategy

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