Market Roundup
Market Roundup
U.S. inflation in October was lower than consensus, and global stock markets performed well today. The Chinese retail sales of consumer goods and industrial added value figure both beat consensus, Hong Kong stock market rose significantly in the morning. The HSI opened 439 points higher and closed at 491 points at mid-day, and its upward trend continued in the afternoon. The HSI closed at 18,079 for the day, up 682 points or 3.9%. The HSTECH reported at 4,125, up 174 points or 4.4%. The HSCEI rose 239 points, or 4.0%, to 6,204. The market turnover was HK$134.95bn. The market hopes that U.S. interest rates will peak and fall, and Chinese technology stocks generally perform well. The share prices of Alibaba (9988) and Kuaishou (1024) rose by 5.1% and 3.3% respectively. Tencent (0700) and JD.com (9618) are going to announce quarterly results, and their stock prices rose 4.8% and 6.4% respectively.
Source: KGI Asia Investment Strategy
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