Market Insight

Market Roundup

The U.S. House of Representatives passed the bill to raise debt ceiling. In addition, the Caixin manufacturing PMI beat expectations. The Hang Seng Index opened 44 points lower and then took the opportunity to rebound. It once rose 232 points and then softened. It fell 17 points, or 0.1%, to 18,217 points at market closed; The China Enterprises Index fell 14 points or 0.2% to 6,150 points; the Hang Seng Technology Index rose 4 points or 0.1% to 3,631 points. The market turnover was HK$ 128.5 bn. HS Tech Index closed up with Meituan (3690) up 2.4% and Tencent (700) up 1.5%. The trend of Mengniu Dairy (2319) continued to weaken, and its share price fell 3.1% to HK$29.45.

Source: KGI Asia Investment Strategy

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