Market Insight

Market Roundup

The market is waiting to see the results of the FOMC meeting, and the Hong Kong stock market has retreated since the market opened today. The HSI opened 93 points lower and dropped 154 points in mid-day. The decline narrowed in the afternoon, with the HSI closing at 19,365, down 69 points or 0.4%. The HSTECH closed at 4,218, down 38 points or 0.9%. The HSCEI fell 55 points, or 0.8%, to 6,549. Market turnover was HK$87.49bn. Chip equipment stock ASMPT (0522) dropped 64% in 1H23 net profit of HK$625mn, and its stock price fell 0.4% to HK$79.6 today. The market is concerned about the news of the listing of Ant Group, a subsidiary of Alibaba (9988), and its stock price fell 1.4% today. Auto stocks generally fell today, BYD (1211) and Great Wall Motor (2333) fell 0.2% and 3.8% respectively.

Source: KGI Asia Investment Strategy

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