Market Roundup

Market Roundup

HSI opened 304 points higher today. It rose 479 points in morning and once reached a peak of 21,470. HSI closed at 21,388, up 396 points or 1.9%. HSTECH closed at 4,570, up 139 points or 3.2%. HSCEI rose 142 points, or 2.0%, to 7,286. Market turnover was HK$156.4bn. Heavyweight stock Alibaba (9988) said that the shareholder structure of Ant Group has changed. Although it once again stated that it has no intention of launching a listing procedure, Alibaba’s stock price still rose 8.7% today. Other Chinese technology stocks also performed well. Tencent (0700) and Baidu (9888) rose 3.6% and 3.2% respectively.

Source: KGI Asia Investment Strategy

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