Market Insight

Market Roundup

U.S. Gov bond yield rose yesterday, while Hong Kong stock market continued to reach year low for today. The HSI opened 101 points lower and then expanded its losses, the HSI closed at 15,276 for today, down 589 points or 3.7%. The HSTECH reported at 3,160, down 165 points or 5.0%. The HSCEI fell 210 points, or 3.9%, to 5,132. The market turnover was HK$130.54bn. Chinese technology stocks generally fell, with Tencent (0700) and Alibaba (9988) falling 2.8% and 4.0% respectively. It was reported that the sales of electric vehicles in mainland China fell by 30% MoM and 40% QoQ in January. NIO (9866) and XPEV (9868) fell 9.8% and 9.6% respectively. The rise in U.S. Gov bond yield put pressure on gold stocks, with Zijin (2899) falling 5.9%.

Source: KGI Asia Investment Strategy

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