Market Insight

Half Day Roundup

U.S. Gov bond yield rose yesterday, while Hong Kong stock market continued to reach year low for today. The HSI opened 101 points lower and then expanded its losses, falling 446 points or 2.8% in mid-day to 15,419; the HSCEI fell 160 points or 3% to 5,183; the HSTECH fell 128 points or 3.9% to 3,197. The total mid-day turnover of the market was HK$62.1bn. Chinese technology stocks generally fell, with Tencent (0700) and Alibaba (9988) falling 2.9% and 2.7% respectively. It was reported that the sales of electric vehicles in China fell by 30% MoM and 40% QoQ. NIO (9866) and XPEV (9868) fell 9.6% and 8.8% respectively. The rise in U.S. Gov bond yield put pressure on gold stocks, with Zijin (2899) falling 4.9%.

Source: KGI Asia Investment Strategy

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