Market Insight

Half Day Roundup

The yuan underpressure. The Hang Seng Index opened 118 points lower at 16,745 points and fell 512 points or 3% in half a day to 16,350 points; the China National Index fell 204 points or 3.4% to 5,701 points; the Hang Seng Technology Index fell 153 points or 4.3% to 3,430 points. The total half-day turnover of the market was HK$76.4 billion. Cheung Kong (1113)'s net profit fell 20% and its outstanding interest decreased by 12.4% year-on-year, and its stock price fell 11.8%. Orient Overseas (316)'s net profit and dividends fell sharply, and its stock price fell 15%. In addition, Sunny (2382) and (2015) both fell 10%.

Source: KGI Asia Investment Strategy

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