Market Insight

Half Day Roundup

The Hang Seng Index closed at 17,138 points at half-day, up 45 points or 0.3%. The Hang Seng Technology Index reported at 3,672 points, up 28 points or 0.8%. The H-Share Index rose 0.000.0% to 5,949 points. Country Garden (02007.HK) responded to the failure to repay domestic debt as scheduled and said it would do its best to raise funds during the grace period. The stock fell 3.3%. According to the terms of the existing bond contract, the company still has a grace period of 30 trading days. In addition, it was reported that Vanke (02202.HK) was discussing bond swaps with major creditor banks to avoid default. The stock price fell 2.7%. Mainland property stocks were highly volatile today. Li Ning (02331.HK), which was rumored to be privatized, issued an announcement stating that it was not aware of the reasons for the abnormal changes in stock price and trading volume. The stock retreated 3.6%. Li Ning will have its earnings release next Tuesday, and management's guidance is expected to become the focus of the market.

Source: KGI Asia Investment Strategy

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