Market Roundup

Market Roundup

The State Council Information Office held a press conference this morning but did not announce specific fiscal policy measures as expected by the market. The Hang Seng Index opened 250 points lower this morning. After opening at 22,849 points, the index's decline once expanded to 2,337 points. However, the decline for the whole day narrowed to 2,173 points, or 9.4%, to 20,927 points; the H-Share Index fell 847 points, or 10.1%, to 7,484 points; the Hang Seng Technology Index fell 690 points or 12.8% to 4,696 points. The total daily turnover of the market was HK$620.4 billion. Longfor (960) and China Life (2628) were the worst-performing blue chips, fell 22.6% and 20.9% respectively.

Source: KGI Investment Strategy

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