Market Insight

China manufacturing PMI in July was only 49.1, which was worse than expected. Hong Kong stock market fell in the morning market. HSI dropped 272 points in the morning and hit a low of 19,883. In the afternoon, it completely recovered the lost ground. Finally, HSI closed at 20,165 for the whole day, up 9 points. HSTECH was at 4,324, down 7 points or 0.2%. HSCEI fell 8 points, or 0.1%, to 6,876. Market turnover was HK$114.9bn. The State Council announced that it will continue the policy of exempting the purchase tax of new energy vehicles. Today, the auto sector is collectively up, with Geely Automobile (0175) and NIO (9866) rising by 12.9% and 8.3% respectively. Alibaba (9988) was included in the list of scheduled delisting by the United States. The stock price closed down 3.8%.

 
Source: KGI Asia Investment Strategy

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