Market Insight

Half Day Roundup

The PBOC announced that the one-year and five-year LPR would be lowered by 10 basis points, and the Hong Kong stock market performed better. The HSI opened 47 points higher and then fell 103 points. It rebounded at mid-day to rise 142 points, or 0.9%, to 17,560; the HSCEI rose 61 points, or 1%, to 6,226; the HSTECH rose 59 points, or 1.7% to close at 3,596. The total mid-day turnover of the market was HK$53.67bn. Mobile phone component stock Sunny (2382) issued a profit announcement, predicting that first-half profit would increase by 1.4 to 1.6x yoy. However, the stock price still fell 4.2% after opening higher. In terms of domestic demand stocks, JiuMaojiu (9922) issued a profit warning, expecting half-year profit to fall by up to 70%, and its stock price fell 10% at mid-day.

Source: KGI Asia Investment Strategy

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