Market Insight

Market Roundup

Biden said he would hold a press conference on the debt limit issue on Sunday, and U.S. stocks rose last night. However, the Hang Seng Index opened 192 points lower and opened at 19,535 point, with a drop of up to 374 points. It was 19,539 points in the half-day, a drop of 188 points; The China Enterprises Index fell 87 points or 1.3% to 6,629 point; the Hang Seng Technology Index fell 70 points or 1.8% to 3,847 point. The market's half-day turnover was HK$50.7 bn. After Alibaba (9988) announced its quarterly results last night, its share price retreated 5.1% to HK$83.3 today. China Mobile (941) bucked the trend and rose 1.7% to HK$66.7.

Source: KGI Asia Investment Strategy

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