Market Insight

Market Roundup

The market focused on the coming FOMC meeting, coupled with the slump of Country Garden related stocks, those factors dragged Hong Kong stocks down today. HSI opened 207 points lower and fell 267 points in mid-day. The HSI fell 407 points or 2.1% to close at 18,668 today; the HSCEI fell 143 points or 2.3% to close at 6,271; the HSTECH fell 89 points or 2.2% to close at 4,015. The total daily turnover of the market was HK$93.5bn. Country Garden (2007)’s domestic bonds fell sharply last weekend with trading halt and its default risk started to be heat again. The stock price fell 8.5% today. Meanwhile, the CEO of CGS (6098) has disposed his shares. Today’s stock price plummeted 17.8%. Chinese tech stocks generally fell, heavyweights Tencent (0700) and Alibaba (9988) fell 2.4% and 1.9% respectively.

Source: KGI Asia Investment Strategy

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