Market Roundup

The Hang Seng Index opened 185 points higher. It initially rose 496 points to 20,783 points, but fell 208 points or 1% to 20,079 points throughout the day. The HSCEI Index fell 88 points or 1.2% to 7,179 points. The Hang Seng Technology Index fell 52 points or 1.2%, reported 4,350 points. The total market turnover for the whole day was HK$191.2 billion. The Ministry of Housing and Urban-Rural Development held a press conference, but property developer stocks suffered setbacks. Vanke (2202) and Longfor (960) fell 17% and 13.7% respectively, while Sunac China (1918), which had a rights issue discount of nearly 20%, fell 27%.

Source: KGI Investment Strategy

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