Market Insight

Market Roundup

Global investment sentiment turned conservative, with all three major U.S. indexes closing down. The Hang Seng Index opened 232 points lower, at 16,367 points, and fell 351 points, or 2.1%, to 16,249 points throughout the day; the China National Index fell 112 points, or 1.9%, to 5,745 points; the Hang Seng Technology Index fell 105 points, or 3%, to 3,338 points. The total daily turnover of the market was HK$114.6 billion. Today's retail data showed that automobile sales fell year-on-year and the recent trend of automobile stocks has been weak. NIO (9866) and Li Auto (2015) fell 10.2% and 4.9% respectively. AIA (1299) continued to be weak, falling another 2.6% to HK$46.

Source: KGI Asia Investment Strategy

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