Market Insight

Market Roundup

After U.S. interest rates were expected to peak and China-US relation was expected to recover, the RMB rose sharply against the U.S. dollar and returned to 7.2 level. Hong Kong stock market recorded gains today. The HSI opened 171 points higher and then expanded its gains, rising 263 points or 1.5% in mid-day to 17,717; the HSCEI rose 107 points or 1.8% to 6,081; the HSTECH rose 84 points or 2.1% to 4,065. The total mid-day turnover of the market was HK$53.6bn. Li Auto (2015) and WuXi AppTec (2359) announced that they were included in the HSI constituents, and their stock prices rose by 2% and 4.1% respectively in mid-day. Chinese financial institutions were called to support Chinese developers to raise equity financing in capital market. Sunac China (1918) and Agile (3383) rose 8.2% and 5.1% respectively.

Source: KGI Asia Investment Strategy

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