Market Insight

Half Day Roundup

US stock market did well yesterday, and Hong Kong market continue to rise today. The HSI opened 96 points higher, and then expanded to 155 points before falling back. It rose 35 points or 0.2% at mid-day to 17,782; the HSCEI rose 7 points or 0.1% to 6,290; the HSTECH fell 5 points or 0.2 %, reported at 3,707. The total mid-day turnover of the market was HK$64.78bn. The four major Chinese banks announced their quarterly results. Although their net profits fell by 1.6% to 2.9%, they also announced plans to pay interim dividends. China Construction Bank (0939) and ICBC (1398) rose 0.8% and 0.7%, while ABC (1288) and BOC (3988) ) fell 0.7% and 2.2%. BYD (1211)'s first-quarter net profit increased by 11%, and its stock price rose 0.5%.

Source: KGI Asia Investment Strategy

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