Market Insight

Half Day Roundup

Lower than expected China CPI in May was announced today, and Hong Kong stock market continued to fall today. The HSI opened 143 points lower and then expanded its losses, falling 263 points or 1.5% at mid-day to 17,913; the HSCEI fell 99 points or 1.5% to 6,352; the HSTECH fell 56 points or 1.5% to 3,698. The total mid-day turnover of the market was HK$62.78bn. The European Union may raise tariffs on Chinese vehicles next month. Automobile stocks generally fell, with BYD (1211) and Geely (0175) falling 3.1% and 5.2% respectively. Apple (AAPL US) announced its generative AI, and the market is looking forward to the sales of its next iPhone. The stock price of AAC (2018) rose 6.1% at mid-day.

Source: KGI Asia Investment Strategy

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