Market Insight

Market Roundup

Hong Kong market followed the softness of the Asia-Pacific market today. The HSI opened 113 points lower and fell 181 points in the mid-day. The HSI fell further in the afternoon, closing at 17,930 today, down 252 points or 1.4%. The HSTECH reported at 3,987, down 90 points or 2.2%. The HSCEI fell 100 points, or 1.6%, to 6,209. The market turnover was HK$84.51bn. Chinese research institution pointed out that the transaction area in first-tier cities fell by 8.9% WoW last week, and Chinese property stocks generally fell. The share prices of Longfor (0960) and China Resources Land (1109) fell by 2.6% and 3.4% respectively. Sunac China (1918) is rumored to be spinning off its real estate projects in Hainan, and its stock price rose 6.9% today.

Source: KGI Asia Investment Strategy

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