Market Insight

Market Roundup

Stimulated by the positive news Chinese property sector and Chinese technology stocks performed well today They drove Hong Kong market higher. The Hang Seng Index closed at a day high at 20,793, up 647 points or 3.2%. HSCEI rose 231 points, or 3.4%, to 7,065. HSTECH closed at 4,427, up 193 points or 4.6%. Market turnover was HK$149.6bn. The Chongqing Banking and Insurance Regulatory Bureau approved Ant Finance to increase its capital to RMb18.5bn. Alibaba (9988) rose 8.7% to HK$96.4. Another heavyweight Tencent (0700) also rose 4.6% to HK$361.0. The Guangzhou Branch of PBOC actively guided outbound guarantee for property developers. The Chinese property sector rose today. Country Garden (2007) and CIFI (0884) rose 2.9% and 13.2% respectively.

Source: KGI Asia Investment Strategy

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