Market Insight

Market Roundup

Market is waiting to see the upcoming U.S. inflation figures. Hong Kong market rose first and then fell today. The HSI opened 175 points higher this morning and then lost momentum. It later fell below 18,000 and hit the day low at 17,954. The HSI closed at 17,988 in mid-day, down 37 points or 0.2%. The HSTECH reported at 4,038, down 25 points or 0.6%. The HSCEI fell 23 points, or 0.4%, to 6,236. The market turnover was HK$41.82bn. Mainland property stocks continued the capital inflows, with the share prices of private developers Powerlong Properties (1238) and R&F (2777) soaring by 27.6% and 22.1%. Alibaba Cloud's large open source AI model  was officially offered to the public, but Alibaba (9988) fell 0.8% to HK$85.6 in mid-day.

Source: KGI Asia Investment Strategy

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