Market Roundup

Market Roundup

The RMB exchange rate stabilized today, while Hong Kong stock market fluctuated today. The HSI opened 174 points lower and then rose 229 points. It fell back again after noon, falling 31 points or 0.2% for today to close at 20,286; the HSCEI fell 9 points or 0.1% to close at 7,267; the HSTECH fell 48 points or 1.1%, closing at 4,402. The total daily market turnover was HK$208.37bn. The Ministry of Housing and Urban-Rural Development, together with the People's Bank of China, will hold a press conference tomorrow on promoting the development of the housing market. Mainland property stocks generally rose, with Sunac (1918) and Vanke (2202) rising 40.0% and 18.9% respectively. Heavyweight technology stocks all performed well. The Hong Kong Monetary Authority will adjust the upper limit of residential property mortgage loans to 70%. Local real estate stocks generally rose, with SHK Properties (0016) and NWD (0017) rising 0.8% and 1.7% respectively.

Source: KGI Investment Strategy

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