Market Roundup

Market Roundup

It was reported that Harris has secured enough support to represent the Democratic Party in the US election, and the three major US stock indexes all rose. The Hang Seng Index opened 43 points higher, at 17,679 points, and the index fell 166 points, or 0.9%, to 17,469 points at market close; the HSCEI Index fell 59 points, or 0.9%, to 6,195 points; the Hang Seng Technology Index fell 65 points, or 1.8%, to 3,545 points. The total daily turnover of the market was HK$85.8 billion. Berkshire Hathaway has reduced its holdings in BYD (1211) to less than 5% out of total share outstanding. There is no need to disclose subsequent reductions. The stock price fell 3.1% today. Chinese banking stocks performed well today, with Industrial and Commercial Bank of China (1398), China Construction Bank (939) and Bank of China (3988) all rose by more than 1%.

Source: KGI Asia Investment Strategy

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