Market Insight

Market Roundup

U.S. stocks were soft last night, with the Hang Seng Index opening slightly higher by 16 points at 17,541 points. After that, it fell 171 points or nearly 1% to 17,354 points at market close; the H-Share Index fell by 68 points or 1.1% to 5,957 points. The Hang Seng Technology Index fell by  31 points or 0.8%, quoted at 4,000 points. The total daily turnover of the market was HK$95 billion. Today, mobile phone equipment stocks rallied, with Sunny (2382) and Xiaomi (1810) rising 4.7% and 2.5% respectively. As for Major technology stocks, Meituan (3690)'s stock price fell 5.2% to HK$103 before the announcement of results. This was due to selling pressure caused by market concerns about the risks of its quarterly guidance, making it the worst-performing blue chip stock today.

Source: KGI Asia Investment Strategy

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