Market Insight

Market Roundup

U.S. stocks closed higher last night, but Hong Kong stocks remained weak. The Hang Seng Index opened 78 points lower at 16,551 points, and fell 124 points at 16,505 points. The H-Share Index fell 42 points, or 0.74%, to 5,593 points. The Hang Seng Technology Index It fell 23 points or 0.6% to 3,708 points. The total market turnover for the whole day was HK$76.6 billion. Property developer and property management stocks were under pressure, with Country Garden Services (6098) and Longfor (960) fell 11.7% and 5.4% respectively. On the other hand, Link REIT (823) benefited from the peaked of interest rates, and its share price continued to rise. It rose 1.67% today, making it the best performing blue chip stock.

Source: KGI Asia Investment Strategy

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