Market Insight

Market Roundup

A number of U.S. banks sought emergency loans from the Federal Reserve, and First Republic Bank was rescued by number of banks. Investor confidence in the banking industry has slowely recovered, and U.S. stock indexes turned up. The Hang Seng Index opened 236 points higher at 19,440 points, and extended its daily gain to 19,518 points by 315 points. The China Enterprises Index rose 133 points or 2% to 6,616 point; the Hang Seng Technology Index rose 168points or 4.4% to 3,980 point. The market turnover was HK$164.9 bn. HSBC (0005) and Standard Chartered (2888) edged down 0.2%. Baidu (9888) share price rebounded 13.7% today to HK$142.2, after it announced of " ERNIE Bot" stock price suffered setbacks yesterday.

Source: KGI Asia Investment Strategy

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