Market Insight

Market Roundup

China's major figures for February were better than expected, but Hong Kong stock market fluctuated today. After opening 30 points lower, the HSI fell 79 points in morning and then bottomed out, closing at 16,737 today, up 16 points or 0.1%. The HSTECH reported at 3,594, up 44 points or 1.3%. The HSCEI rose 27 points, or 0.5%, to 5,848. The market turnover was HK$95.7 bn. HK property stocks were generally weak, with SHKP (0016) and Henderson Land (0012) falling 2.6% and 3.9% respectively. It was rumored that Alibaba (9988) sold Freshippo and RT-Mart to COFCO, but this was later officially denied. Alibaba's share price rose 0.1%.

Source: KGI Asia Investment Strategy

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