Market Roundup

Market Roundup

The U.S. stock market was closed last night, and China’s 1-year loan market quotation rate (LPR) was cut by 10 basis points. The Hang Seng Index opened 49 points at19,864 points. The decline expended to 304 points or 1.5%, closing at 19,609 point for the first half; The China Enterprises Index fell 131 points or 1.9% to 6,645 point; the Hang Seng Technology Index fell 107 point or 2.6% to 4,071 point. The market's half-day turnover was HK$43.5 bn. Catering stocks were weak. Haidilao (6862) and Jiumaojiu (9922) both fell about 5.5%. On the other hand, casino stocks rallied, Galaxy Entertainment (27) and Sands (1928) rose 0.7% and 0.3% respectively.

Source: KGI Asia Investment Strategy

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