Market Insight

Market Roundup

Hong Kong stock market rose first and then fell today. After opening 38 points higher, the HSI rose 127 points, but fell 120 points, or 0.7%, to close at 16,961 today; the HSCEI fell 25 points, or 0.4%, to close at 5,906; the HSTECH fell 52 points. points or 1.4%, closing at 3,603. The total daily turnover of the market was HK$113.13bn. AIA (1299)'s new business value last year was US$4.03bn, which was in line with consensus, but its stock price still fell 4%. XPEV (9868)'s core management changed, two co-founders exited, and the stock price fell 5.7%. WuXi AppTec (2359) may be expelled from the US Biotechnology Innovation Organization (BIO) as a member. Its stock price fell 12.1%, while fellow company WuXi Biologics (2269) fell 13.1%.

Source: KGI Asia Investment Strategy

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