Market Insight

Half Day Roundup

A number of U.S. banks sought emergency loans from the Federal Reserve, and First Republic Bank was rescued by number of banks. Investor confidence in the banking industry has slowely recovered, and U.S. stock indexes turned up. The Hang Seng Index opened 236 points higher at 19,440 points, and extended its half-day gain to 356 points at 19,560 point. The China Enterprises Index rose 156 points or 2.4% to 6,639 point; the Hang Seng Technology Index rose 166 points or 4.3% to 3,977 point. The half-day market's turnover was HK$ 67.8 bn. HSBC (0005) and Standard Chartered (2888) still fell 0.6% and 1.2%. Baidu (9888)'s share price rebounded 15.7% to HK$144.7 after it announced of " ERNIE Bot" stock price suffered setbacks yesterday.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.