Market Insight

Market Roundup

USDCNY rate fell to the 7.19, hitting a low of more than half a year. Hong Kong stocks followed today. The HSI opened 301 points lower, and after falling 373 points in mid-day, the decline was steadied afterwards. The HSI closed at 19,218 points, down 388 points or 2.0%. The HSTECH closed at 3,961, down 113 points or 2.8%. The HSCEI fell 149 points, or 2.2%, to 6,505. Market turnover was HK$98.17bn. China tech stocks fell across the board in the afternoon. Tencent (0700) and Alibaba (9988) fell 2.7% and 4.1% respectively. The vehicle purchase tax exemption policy for new energy vehicles in China has been extended until the end of 2025. Share price of BYD (1211) rose 0.6%.

Source: KGI Asia Investment Strategy

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