Market Roundup

Market Roundup

Chinese government will issue an additional RMb1tn in government bonds to support post-disaster reconstruction and other tasks, and the State Council can increase the debt limit for some local governments. Hong Kong stocks market performed well in morning. The HSI opened 473 points higher and then narrowed its gains to 200 points in mid-day. The gains shrank significantly in the afternoon, with the HSI closing at 17,085 for today, up 93 points or 0.55%. The HSTECH reported at 3,700, up 78 points or 2.16%. The HSCEI 54 points or 0.94% to 5,853. The market turnover was HK$95.5bn. Heavyweight stocks performed well today, with share prices of Tencent (0700) and Alibaba (9988) rising 1.7% and 2.7% respectively. Domestic demand stocks generally rose, with the share prices of Bud Apac (1876) and Topsport(6110) rising by 3.0% and 4.2% respectively.

Source: KGI Asia Investment Strategy

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