Market Insight

Half Day Roundup

The Hang Seng Index opened 73 points lower at 16,573 points, the half-day decline narrowed to 23 points, or 0.14%, to 16,622 points; the H-Share Index fell 8 points, or 0.1%, to 5,641 points; the Hang Seng Technology Index fell 41 points, or 1.1%, reported 3,614 points. The total half-day turnover of the market was HK$44 billion. Giordano (709) announced a positive profit forecast that net profit for 2023 will increase by 21%-29% year-on-year, but its stock price fell more than 25% today to HK$1.99. There is also news that Ctrip (9961) has signed contracts for more than 2,100 stores in 2023, much higher than the record of 1,375 stores in 2019. Its stock price rose 3.7% today, making it the best-performing blue chip stock.

Source: KGI Asia 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.