Market Roundup

Market Roundup

U.S. inflation in October was lower than consensus, and global stock markets performed well today. The Chinese retail sales of consumer goods and industrial added value figure both beat consensus, Hong Kong stock market rose significantly in the morning. The HSI opened 439 points higher and continued its upward trend, rising 491 points or 2.8% in mid-day to 17,888; the HSCEI rose 165 points or 2.8% to 6,130; the HSTECH rose 117 points or 3% to 4,069. The total mid-day turnover of the market increased to HK$64.32bn. The market hopes that U.S. interest rates will peak and fall, and Chinese technology stocks generally perform well. The share prices of Alibaba (9988) and Kuaishou (1024) rose by 3.4% and 3.5% respectively. Tencent (0700) and JD.com (9618) are going to announce quarterly results, and their stock prices rose 3.5% and 4.9% respectively.

Source: KGI Asia Investment Strategy

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