Market Insight

Market Roundup

Hong Kong stock market resumed trading following the Labor Day holiday and the suspension of Hong Kong Stock Connect southbound trading. It continued their upward trend in the morning. The HSI opened 2 points lower and then rose, rising 444 points or 2.5% today to close at 18,207; the HSCEI rose 163 points or 2.6% to close at 6,437; the HSTECH rose 164 points or 4.5% to close at 3,865. The total daily turnover of the market was HK$115.91bn. Chinese technology stocks generally performed well, with Meituan (3690), Tencent (0700) and Alibaba (9988) rising 8.8%, 3.8% and 2.4% respectively. Standard Chartered (2888)'s 1Q24 PBT rose 25%, better than consensus, and its stock price rose 6%. HSBC (0005) also rose 3.4% today.

Source: KGI Asia Investment Strategy

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