Market Insight

Half Day Roundup

Fed Chairman Powell mentioned that the pace of interest rate hikes may be accelerated. The three major U.S. indexes all fell. Stock markets in the Asia-Pacific region followed today. HSI opened 277 points lower and then expanded its decline. It fell 520 points or 2.5% in half a day to 20,014; the HSCEI fell 200 points or 2.9% to 6,712; the HSTECH fell 155 or 3.8%, to 3,967. The market's half-day turnover totaled HK$64.5bn. Frustrated by the sentiment of the market, Chinese tech stocks were under pressure today, Tencent (0700) and Alibaba (9988) fell 2.5% and 3.3% respectively. Vehicle sales in the first two months of the China fell 21% YoY, auto stocks generally fell, Geely (0175) and Greatwall (2333) shares fell 4.7% and 6.1%.

Source: KGI Asia Investment Strategy

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