Market Insight

Market Roundup

At midday close, HSI dropped 110 pts or 0.6% to 19,279. HSTI dropped 17 pts or 0.5% to 3,916. HSCEI fell 53 pts or 0.8% to 6,535. Jiumaojiu (9922) ‘s CFO resigned last week. Following last week’s share price softness, the stock once dived 15.9% to bottom at $11.52 in morning session, hitting an almost-three-year low.  Meanwhile, USD/CNY fell through 7.14 this morning (12 June) to 7.1473, an over 6-month low since the end of November last year. Some private mainland homebuilders fell in a large magnitude, with Yincheng Intl (1902), Sunac (1918) and RonshineChina (3301) each crashing around 10%.

Source: KGI Asia Investment Strategy

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