Market Insight

Market Roundup

Market is worried about the Federal Reserve's aggressive interest rate hikes today, and China and U.S. relations may become tense again. Hong Kong market faced heavy selling pressure when market opened. HSI opened 311 points lower and had further decline. It once dropped 574 points and fell as low as 21,085 points. HSI closed at 21,222, down 438 points or 2.0%. HSTECH closed at 4,464, down 169 points or 3.7%. HSCEI fell 197 points, or 2.7%, to 7,189. Market turnover was HK$136.0bn. China tech stocks generally fell. Heavyweight Tencent (0700) and Alibaba (9988) lost 2.1% and 2.7% respectively. Only SenseTime (0020) rose 6.4%. EV sector followed the market down, and NIO (9866) and Li Auto (2015) fell 5.4% and 3.2% respectively.

Source: KGI Asia Investment Strategy

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