Market Insight

Market Roundup

Alibaba (9988) announced results after the market closed yesterday that were in line with expectations, but Hong Kong stocks still fell today. After opening 93 points lower, the Hang Seng Index rose 11 points, but then turned lower and closed at 15,878 points for the day, down 204 points or 1.3%. The Hang Seng Technology Index reported at 3,168 points, down 22 points or 0.7%. The H-Share Index fell 61 points, or 1.1%, to 5,360 points. The market turnover was HK$77.7 billion. In terms of sectors, benefiting from the fact that 11 provinces and cities have recently released the first batch of real estate project whitelists, some mainland property developers stocks continued to perform well today, with Longfor (960) rising 2.7% and Country Garden (2007) rising 1.5%. In addition, it was reported that the U.S. Senate biosafety bill was once again approved by senators. WuXi's stock price fell. WuXi AppTec (2359), WuXi Biologics (2269) and WuXi XDC (2268) fell 7.3% and 7.6% respectively. and 17.7%.

Source: KGI Asia Investment Strategy

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