Market Insight

Market Roundup

U.S. Apr CPI figures is going to be announced soon and markets are waiting the result. The DJIA has repeatedly dropped 56 points or 0.2% and the Hong Kong stock market fell in the morning. The HSI fell 143 points or 0.72% in mid-day, and the decline narrowed in the afternoon. The HSI closed at 19,762 points today, down 105 points or 0.5%. The HSTECH closed at 3,811, up 12 points or 0.3%. The HSCEI fell 51 points, or 0.8%, to 6,683. Market turnover was HK$98.8bn. Chinese banking stocks retreated, with the share prices of the four major state-owned banks falling between 2.1% and 3.1%. Chinese insurance stocks also faced heavy selling pressure. China Life (2628) and China Taiping (0966) both fell by nearly 3%. Chinese retail sales of vehicles in April increased by 55.5% YoY and 2.5% MoM, auto stocks rose against market. BYD’s (1211) price rose 2.7% today.

Source: KGI Asia Investment Strategy

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