Market Insight

Market Roundup

Mainland China's one-year and five-year LPR in September remained unchanged and the market waited to see the FOMC meeting. Hong Kong stocks market continued to be weak today. The HSI opened 57 points lower and declined further, falling 134 points or 0.75% in mid-day to 17,862; the HSCEI fell 53 points or 0.87% to 6,181; the HSTECH Index fell 74 points or 1.88% to 3,910. The total half-day turnover of the market was HK$36.62bn. NIO (9866) issued US$1bn in convertible senior bonds, and its stock price fell 12.6% in mid-day. Xpeng Motors (9868)'s 2024 SUV "G9" is priced lower than the old model, and its stock price fell 5.1%. Chinese technology stocks generally fell, with heavyweights Tencent (0700) and Alibaba (9988) falling 1.2% and 0.3% respectively.

Source: KGI Asia Investment Strategy

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