Market Roundup

Market Roundup

Market is waiting to see Fed Chairman Powell's speech, and Hong Kong stock market is mixed today. After opening 19 points lower, the HSI rose 83 points and rose 8 points or 0.1% in mid-day to 17,678; the HSCEI fell 3 points or 0.1% to 6,083; the HSTECH rose 6 points or 0.2% to 4,062. The total mid-day turnover of the market was HK$44.80bn. It was reported that the PBOC continued to step up its efforts to promote the "second arrow" to support bond financing of property developers. Such related stocks generally performed well, with the stock prices of Country Garden (2007) and Longfor rising 6.8% and 3.5% respectively. The China Passenger Car Association reported that new energy vehicle sales increased by 3% MoM last month. New energy vehicle stocks were under pressure today, with BYD (1211) and Li Auto (2015) falling 0.4% and 2.3% respectively.

Source: KGI Asia Investment Strategy

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