Market Roundup

Market Roundup

Hong Kong stock market fell for three consecutive trading days. The HSI opened 185 points lower and the decline intensified. It closed at 16,000 points before noon, down 333 points. The decline has narrowed significantly in the afternoon, and finally closed at 16,201, down 132 points, or 0.8%; the HSCEI fell 65 points, or 1.2%, to close at 5,532; the HSTECH fell 39 points, or 1.1%, to close at 3,666. The total trading volume of the market for the whole day was HK$98.73bn. Li Ning (2331) announced that it would purchase the entire commercial building of Henderson Land (0012) for HK$2.2bn. The former's stock fell 14.3%. Liu Qiangdong, chairman of JD.com (9618), said that the group's foundation is still there, but it was unable to stabilize the stock price, which fell 6.3% for the day. Fellow JD.com Health (6618) also fell 2.3%. The Macau government expects that the full-year gambling revenue will be better than expected. Macau's gambling stocks performed individually. Sands (1928) and Wynn (1128) rose 0.5% and 0.2% respectively, while Galaxy Entertainment (0027) fell 1.8%.

Source: KGI Asia Investment Strategy

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