Market Insight

Market Roundup

At the end of HSI futures settlement date, the HSI fell again. It opened 24 points lower this morning and fell to 182 points in the mid-day. The decline intensified after noon. The HSI fell 238 points or 1.4% today to close at 17,373; the HSCEI fell 79 points or 1.3%, closing at 5,990; the HSTECH fell 55 points, or 1.5%, to close at 3,778. The total daily turnover of the market was HK$80.2bn. Chinese technology stocks generally fell, with the share prices of heavyweights Tencent (0700) and Alibaba (9988) falling 1.5% and 1.8% respectively. It is reported that Country Garden (2007) negotiated with two financial consultants for offshore debt restructure. The stock price fell 2.2% today. The price of gold fell below US$1,900, and the share price of Zijin Mining (2899) fell 2.5% today.

Source: KGI Asia Investment Strategy

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