Market Insight

Market Roundup

The market is waiting to see the FOMC meeting. Hong Kong stocks were volatile. The HSI fell 133 points to 16,979 and then rose 6 points at mid-day. After the market resumed afternoon, the high and low fluctuations of the HSI were only 90 points, closing at 17.101 for day, down 10 points or 0.06%; the HSTECH was at 3,752, down 6 points or 0.18%; the HSCEI fell 2 points or 0.04% to 5,859. The market turnover was HK$67.97bn. The share prices of some catering stocks have experienced a sharp correction. Haidilao (6862) acquired the Japanese hotel business from Super Hi (9658). The former's stock price fell 12.8% in half a day, while Super Hi fell 2.8%. Yum China (9987)'s net profit for the first three quarters rose 88% but was still lower than expected. Its stock price fell 13.0%. Berkshire reduced its holdings in BYD (1211) again, with the stock price falling 1.8% to HK$233.2.

Source: KGI Asia Investment Strategy

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