Market Insight

Market Roundup

Hong Kong stocks had benefited from Alibaba (9988)’s better-than-expected performance in the early stage, driving the Hang Seng Index to open 72 points higher, closing at 19,320 points, but the uptrend did not continue, and it fell 173 points or 0.9% to 19,075 points at market close. The H-Share Index fell 88 points, or 1.3%, to 6,541 points. The Hang Seng Technology Index fell 105 points, or 2.4%, to 4,273 points. The market turnover was HK$ 96.6 bn. Driven by the results, Alibaba (9988) stock price rose 1% to HK$95.3. On the other hand, Country Garden (2007) share price continued to fall by 5.8% to HK$0.98, a new record low.

Source: KGI Asia Investment Strategy

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