Market Roundup

Market Roundup

Hong Kong stock market rose first and then fell today. The HSI opened 145 points higher and then rose 271 points before lunch. However, it fell 100 points in the afternoon. The HSI fell 54 points or 0.3% to close at 16,081 today; the HSCEI fell 52 points or 1% to close at 5,421; the HSTECH fell 53 points or 1.6% to close at 3,190. The total daily turnover of the market was HK$103.63bn. The U.S. bio-tech security act failed to pass the Senate. WuXi Biologics (2269), WuXi AppTec (2359) and WuXi United (2268) rose 5.6%, 5.0% and 3.6% respectively. Yum China (9987)'s net profit rose 81% in the 4Q23, and it announced a dividend of US$0.16, a yoy increase of 23%, and its stock price rose 14.8%. SMIC (0981)'s profit attributable to shareholders in 2023 fell 50.4% yoy to US$900mn, and it announced guidance for the 1Q24. The GPM will further fall to the range of 9-11%, and the stock price fell 8.0%.

Source: KGI Asia Investment Strategy

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