Market Roundup

The Politburo meeting of the CPC Central Committee stated that it would implement a more proactive fiscal policy and a moderately loose monetary policy to stabilize the property and stock markets. Hong Kong stock market rose sharply in the afternoon. The HSI opened 133 points lower and then turned up 80 points. The index then fell 112 points at mid-day. After the announcement of the Politburo meeting, the HSI rose significantly, 548 points or 2.8%, to close at 20,414; the HSCEI Index rose 224 points, or 3.1%, to close at 7,360; the HSTECH rose 192 points, or 4.3%, to close at 4,656. The total market turnover rose to HK$206.53bn. The final agreement text of the US National Defense Authorization Act was not included in the “BIOSECURE Act”. WuXi Biologics (2269) and WuXi AppTec (2359) both rose more than 9%, becoming the best-performing blue chip stocks.

Source: KGI Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.