Market Insight

Half Day Roundup

THE U.S. stock market rose yesterday after Federal Reserve Chairman Powell said progress had been made in fighting inflation. Hong Kong stock market followed the better sentiment of global market today. The HSI opened 72 points higher and then rose sharply. It closed at 17,978 at mid-day, up 209 points or 1.18%; the HSCEI rose 77 points or 1.22% to 6,452; the HSTECH rose 88 points or 2.51%, reported at 3,627. The total mid-day turnover of the market was HK$65.41bn. The chairman of Bosideng (3998) planned to reduce its holdings of 400mn shares at a discount of 9.6%, and the stock price fell 15.5%. Heavyweight stocks generally performed well, with Tencent (0700) and Alibaba (9988) rising 1.5% and 2.9% respectively.

Source: KGI Asia Investment Strategy

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