Market Insight

Half Day Roundup

HSI opened 304 points higher today. It rose 479 points in the morning and once reached a peak of 21,470. During the mid-day, HSI rose 336 points or 1.6% to 21,328; HSCEI rose 123 points or 1.7% to 7,267; HSTECH rose 125 points or 2.8% to 4,556. The half-day turnover of the market was RMb85.9bn. Heavyweight Alibaba (9988) said that the shareholder structure of Ant has changed. Although it once again stated that it has no intention of launching a listing procedure, Alibaba’s stock price still rose 7.9% today. Other Chinese technology stocks also performed well. Tencent (0700) and Baidu (9888) rose 2.6% and 1.8% respectively.

Source: KGI Asia Investment Strategy

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