Market Insight

Half Day Roundup

US stocks suffered setbacks yesterday. The Hang Seng Index opened 64 points higher and reported 19,850 points. Later, after China’s manufacturing PMI data beat expectations, the index’s gains gradually expanded, rising 666 points in half a day to 20,451 points. The China Enterprises Index rose 260 points or 3.9% to 6,842 point; the Hang Seng Technology Index rose 197 points or 5% to 4,123 point. Half-day market turnover was HK$77.5 bn. Tencent (700) and Alibaba (9988) rose 5%, while Meituan (3690) rose nearly 4%.

Source: KGI Asia Investment Strategy

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