Market Insight

Half Day Roundup

Alibaba (9988) announced results after the market closed yesterday that were in line with consensus, but Hong Kong stock market still fell today. After opening 93 points lower, the HSI rose 11 points, but then turned lower, falling 140 points or 0.9% in mid-day, to 15,941; the HSCEI fell 43 points, or 0.8%, to 5,378; the HSTECH Index fell 10 points. or 0.3%, at 3,179. The total mid-day turnover of the market was HK$41.61bn. Alibaba’s quarterly results were in line with market consensus, and it increased the amount of repurchases, but its stock price still fell 6.8% in mid-day. Other Chinese technology stocks generally fell between 1% and 1.7%. It was reported that the U.S. Senate bio-tech safety act was once again approved by senators. WuXi Group’s share price fell. The share prices of WuXi Biologics (2269), WuXi AppTec (2359) and WuXi United (2268) fell by 7.5%, 8.0% and 15.5% respectively.

Source: KGI Asia Investment Strategy

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