Market Insight

Market Roundup

Market is waiting to see Fed Chairman Powell's speech, and Hong Kong stock market fell today. The HSI opened 19 points lower and was flat in mid-day. The HSI fell significantly in the afternoon, closing at 17,568 for today, down 101 points or 0.6%. The HSTECH reported at 4,020, down 35 points or 0.9%. The HSCEI fell 47 points, or 0.8%, to 6,039. The market turnover was HK$94.2bn. It was reported that the PBOC continued to step up its efforts to promote the "second arrow" to support bond financing of private domestic real estate companies. Property developer sector rose against the market and performed well. Country Garden (2007) and Longfor (0960) share prices were 12.2% and 6.8% respectively. The China Passenger Car Association reported that new energy vehicle sales increased by 3% MoM last month. New energy vehicle stocks were under pressure today, with BYD (1211) and Li Auto (2015) falling 0.9% and 4.2% respectively.

Source: KGI Asia Investment Strategy

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