Market Insight

Market Roundup

The Hong Kong stock market is very volatile today. HSI rose 145 points when the market opened. It reached a high of 21,443 and immediately plunged to an intraday low of 21,178. After that, it repeatedly traded around 21,300. HSI closed at 21,283 today, down 15 points or 0.1%. HSTECH closed at 4,431, down 84 points or 1.9%. HSCEI fell 42 points, or 0.6%, to 7,189. Market turnover was HK$115.60bn. The Chinese version of ChatGPT concept continues to be heated. Some Chinese analysts pointed out that Zhihu (2390) can cooperate with this technology, and its stock price rose by 39.6%. In addition, the market rumored that TikTok may launch a food delivery service. Although Chinese media later quoted TikTok’s insiders that the rumor was a fake news, the stock price of Meituan (3690) still fell by 6.5%.

Source: KGI Asia Investment Strategy

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