Market Insight

Market Roundup

China manufacturing PMI fell to 48.8 in May, and Hong Kong stocks were dragged down today. The HSI opened 180 points lower and then extended its decline. It once fell 456 points to 18,139. The HSI fell 417 points or 2.3% in mid-day to 18,178; the HSCEI fell 147 points or 2.4% to 6,135; the HSTECH fell 91 points or 2.5% to 3,610. The market's half-day turnover totaled HK$52.8bn. New York oil futures fell below $70, and the oil sector generally fell. The stock prices of Sinopec (0386), CNOOC (0883) and PetroChina (0857) fell between 3.7% and 4.9%. Mainland catering stocks were dragged down by weak economic data, Xiabuxiabu (0520) and Yihai (1579) fell 5.1% and 4.8% respectively

Source: KGI Asia Investment Strategy

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