Market Insight

Market Roundup

After U.S. interest rates were expected to peak and China-US relation was expected to recover, the RMB rose sharply against the U.S. dollar and returned to 7.2 level. Hong Kong stock market recorded gains today. The HSI opened 171 points higher and then rose 263 points at mid-day. The rally intensified afternoon, with the HSI closing at 17,778 today, up 323 points or 1.9%. The HSTECH reported at 4,077, up 97 points or 2.4%. The HSCEI rose 128 points, or 2.2%, to 6,103. The market turnover was HK$106.37bn. Li Auto (2015) and WuXi AppTec (2359) announced that they were included in the HSI constituents, and their stock prices rose by 2.4% and 3.5% respectively. Chinese financial institutions were called to support Chinese developers to raise equity financing in capital market. Sunac China (1918) and Agile (3383) rose 5.9% and 3.8% respectively.

Source: KGI Asia Investment Strategy

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