Market Insight

Market Roundup

The RMB exchange rate continued to weaken today, with USDRMB retreating the level of 7.2. Hong Kong stocks market weakened in the morning. The HSI opened 229 points lower, and dropped 393 points then, reaching as low as 19,144 points. The HSI fell 267 points or 1.4% in mid-day to 19,270; the HSCEI fell 111 points or 1.7% to 6,622; the HSTECH fell 96 points or 2.1% to 4,403. The market's half-day turnover totaled HK$54.32bn. Several mainland developers announced their July contracted sales, which generally fell by double digits. Chinese property stocks fell generally, with a drop ranging from 3% to 9%. Xiabuxiabu (0520) announced that it turned from loss to profit in the 1H23, earning at least RMb2mn in half a year. The stock price fell 4.2% to HK$4.38 in mid-day.

Source: KGI Asia Investment Strategy

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