Market Insight

Half Day Roundup

The U.S. CPI data was lower than market expectations, the Hang Seng Index opened 189 points higher at 19,263 points. The half-day increase expanded to 303 points, or 1.6%, to 19,377 points; the national index rose by 123 points or 1.8%, to 6,864 points; the Hang Seng Technology Index rose 43 points, or 1%, to 4,084 points. The total half-day turnover of the market was HK$114.2 billion. Tencent (700) and Alibaba (9988) announced their latest quarterly results on Tuesday. The former results was better than expected, and its share price rose 4.2%; while the latter result was worse than market expectations, and its share price fell 2.4%. In addition, there are rumors that the central government might be one of the buyer of the residential housing, property developer stocks generally rose, Longfor (960) rose 13.2%.

Source: KGI Asia Investment Strategy

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