Market Insight

Half Day Roundup

Hong Kong market was under selling pressure today due to severe overbought conditions. HSI opened 109 points lower and then expanded its losses. It closed at a low of 22,320 in mid-day, down 368 points or 1.6%. HSCEI fell 171 points, or 2.2%, to 7,602. HSTECH fell 131 points, or 2.7%, to 4,681. The market's mid-day turnover totaled HK$100.1bn. Chinese tech stocks led the market down today, with both Alibaba (9988) and Tencent (0700) dropped 5.4%. The market is concerned that Baidu (9888) may launch an AI chat robot service next month, and its stock price rose 3.1% today.

Source: KGI Asia Investment Strategy

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