Market Insight

Market Roundup

Federal Reserve members issued dovish statement, which may be a pause in rate hikes in this year. Hong Kong stocks rebounded today along with Asia-Pacific stock markets. The HSI rose 347 points in the morning to 18,012 and rose 254 points or 1.4% in mid-day to 17,919; the HSCEI rose 88 points or 1.5% to 6,141; the HSETCH rose 81 points or 2.1% to 3,956. The total mid-day turnover of the market was HK$45.95bn. Pharmaceutical and biotechnology stocks were generally speculated, with individual stocks such as WuXi Biologics (2269) and Innovent Biologics (1801) rising between 3.6% and 10.7%. The State Administration of Financial Supervision proposed to expand automobile consumption, BYD (1211) and Li Auto (2015) rose 2.9% and 4.4% respectively.

Source: KGI Asia Investment Strategy

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