Market Insight

Half Day Roundup

Hong Kong stocks followed the decline of US stocks and opened 65 points lower, opening at 21,559 points, the decline further expanded, and closed at 21,237 points in half a day, down 387 points. The China Enterprises Index fell 170 points or 2.32% to 7,144 point; the Hang Seng Technology Index fell 184 points or 4% to 4,387 point. Half-day market turnover was HK$63.9 bn. It was reported that First Abu Dhabi Bank was reconsidering bidding for Standard Chartered (2888). The stock price rose more than 8% against the market and create record high. SMIC (981) announced its fourth-quarter results, and its stock price fell 3.5% to HK$17.38.

Source: KGI Asia Investment Strategy

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