Market Roundup

US stock market performed well yesterday, while Hong Kong stock market performed weakly today. The HSI opened 199 points lower and then narrowed its losses, falling 65 points or 0.3% to 22,911 at mid-day; the HSCEI fell 18 points or 0.2% to 8,456; the HSTECH rose 20 points or 0.4% to 5,659. The total market turnover was HK$151.86bn. Robot concept stocks continued to be hyped, with UBTECH Robotics (9880) rising 12.7% at mid-day. Baidu (9888) announced its results yesterday but the management's guidance disappointed the market and its share price fell 2.8%. Mengniu (2319) expects a sharp drop in full-year net profit, but basic earnings exceeded expectations and its share price surged 10.6%.

Source: KGI Investment Strategy

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