Market Insight

Market Roundup

The Hang Seng Index opened 128 points lower in the early session to 20,223 points, and the full-day decline extended to 341 points, or 1.7%, to 20,010 points; the H-Share Index fell 156 points, or 2.3%, to 6,703 points; the Hang Seng Technology Index fell 138 points, or 3.3% , at 4,010 points, The market turnover was 116.3 bn. Alibaba (9988) announced last night that its revenue and adjusted net profit exceeded expectations, and its stock price fell 5.4% to HK$90.05. Techtronic Ind (669) pointed out that short-seller reports were taken out of context. Trading of the stock resumed today, and the stock price rebounded 4.4%.

Source: KGI Asia Investment Strategy

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