Market Insight

Market Roundup

After the HSI rose more than 400 points last Friday, it was unable to sustain today and started to fall. The HSI opened 10 points lower and then expanded its losses, falling 224 points or 1.2% in mid-day to 17,833; the HSCEI fell 83 points or 1.3% to 6,178; the HSTCH fell 74 points or 1.9% to 3,916. The total mid-day turnover of the market was HK$37.91bn. Evergrande (3333) canceled the arrangement meeting to re-examine the terms of debt restructuring. Evergrande's share price fell 25.5%, while related companies Evergrande Automobile (0708) and Evergrande Property (6666) also fell 21.1% and 11.5% respectively. The stock prices of other Chinese property stocks fell between 4% and 10% today. In terms of electric vehicle stocks, Geely (0175)'s ZEEKR targeted to launch 7 more models in Europe by 2025. Geely's stock price fell 1.3% in mid-day.

Source: KGI Asia Investment Strategy

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