Market Roundup

Market Roundup

Chinese Government continues to launch stimulus policies for the property market, and Hong Kong stocks sentiment turned positive today. The HSI opened 210 points higher and then expanded its gains, rising to 517 points at once. It closed at 18,851 points at mid-day, up 469 points or 2.6%; the HSCEI rose 210 points or 3.3% to 6,542; the HSTECH rose 104 points or 2.5% to 4,283. The total half-day turnover of the market was HK$84.04bn. The market is looking forward to the policy restriction can be released in the core cities. The share prices of Chinese property stocks, such as Longfor (0960), China Resources Land (1109) and China Overseas (0688) all rose by more than 10%. It was reported that Country Garden (2007)'s domestic bond extension plan had received enough votes to pass, and the company's stock price rose 14.6% in mid-day. Meanwhile, BYD (1211) sold more than 270,000 new energy vehicles in August, a YoY increase of 57%. Its stock price rose 3% in mid-day.

Source: KGI Asia Investment Strategy

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