Market Insight

Market Roundup

USDCNY rate fell to the 7.19, hitting a low of more than half a year. Hong Kong stocks followed today. The HSI opened 301 points lower, and then extended its decline to 408 points to 19,198. It fell 373 points or 1.9% in mid-day to 19,233; the HSCEI fell 138 points or 2.1% to 6,516; the HSTECH fell 90 points Or 2.2%, to 3,984. The market's half-day turnover totaled HK$52.6bn. Chinese tech stocks fell across the board in the afternoon, Tencent (0700) and Alibaba (9988) fell 3% and 3.5% respectively. The vehicle purchase tax exemption policy for new energy vehicles in China has been extended until the end of 2025. Share price of BYD (1211) closed flat at mid-day.

Source: KGI Asia Investment Strategy

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