Market Insight

Market Roundup

China 2Q23 economic growth was weaker than consensus. The HSI opened 89 points lower in morning and then fell further. HSI fell 420 points or 2.2% in mid-day to 18,993; The HSCEI fell 162 points or 2.5% to 6,396; the HSTECH fell 99 points or 2.4% to 4,129; Mid-day market turnover was RMb55.64bn. Evergrande (3333) announced last year's loss of RMb105.9bn and debt of RMb2.43tn. Chinese property sector was under pressure. Private property developers such as Longfor (0960) and Country Garden (2007) fell 10% and 7% respectively. Tencent’s (0700) major shareholder Prosus is expected to reduce its shareholding in Tencent to 25% within this year, Tencent's share price fell 3.8% today.

Source: KGI Asia Investment Strategy

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