Market Roundup

Market Roundup

With the weakening of the mainland economy and the deterioration of domestic housing risks, the People's Bank of China announced that it would cut the 1-year LPR by 10 basis points to 3.45%, but the 5-year LPR remained unchanged at 4.2%, which was not as expected by the market. As market expected the 5-year LPR to cut by 15 basis points to 4.05%. The Hang Seng Index opened 153 points lower today to 17,798 points. The half-day decline extended to 248 points or 1.4% to 17,703 points; the China Enterprises Index fell 80 points or 1.3% to 6,066 point; the Hang Seng Technology Index fell 49 points or 1.2% at 3,958 point. The market turnover was HK$ 55.2 bn. The chairman of Hongjiu Fruit (6689) extended the lock-up period for 12 months, and the share price rose 12.1% to HK$7.06.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.