Market Insight

Market Roundup

The RMB weakened again today,falling below 7.32 against the US dollar. It dragged Hong Kong stocks down today. The HSI opened 51 points lower and then expanded its losses. It once fell 200 points and then rebounded slightly. It fell 150 points or 0.8% in mid-day to 18,306; HSCEI fell 54 points or 0.9% to 6,342; the HSTECH fell 62 points or r 1.5%, at 4,130. The total half-day turnover of the market was HK$46.44bn. Chinese media pointed out that the continued implementation of property purchase restriction and loan restriction policies was outdated, and Chinese property stocks surged. Sunac China (1918) and Shimao Group (0813) surged 61.4% and 39.5% today. The performance of heavy-weight technology stocks performed not well, with the share prices of Tencent (0700) and Alibaba (9988) falling by 1.5% and 0.9% respectively.

Source: KGI Asia Investment Strategy

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