Market Insight

Market Roundup

Hong Kong stock market was soft today. The HSI opened 118 points higher and then fell 174 points at the mid-day. The decline narrowed significantly when the market resumed in the afternoon. It fell 34 points or 0.2% today to close at 17,525. The HSCEI fell 15 points or 0.3% to close at 6,025; the HSTECH rose 6 points, or 0.2%, to close at 4,031. The total daily turnover of the market was HK$75.91bn. It was reported that CCB (0939) held a meeting with six real estate companies including Vanke (2202) and Longfor (0960) on supporting financing needs. CCB's share price remained unchanged, while the share prices of other Chinese real estate stocks fell by between 3.1% and 11.4%. New World (0017), which earlier announced a bond buyback worth US$600mn It did not help stabilize its stock price, falling by 6.4% today.

Source: KGI Asia Investment Strategy

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