Market Insight

Market Roundup

Hong Kong stocks market continued to retreat its recent gains today. The HSI opened 108 points lower today and then fell further, The decline extended to 494 points or 2.5%, closing at 19,517. The HSCEI fell 146 points, or 2.1%, to 6,707; the HSTECH fell 116 points, or 2.6%, to 4,422. The market's turnover totaled HK$113.4bn. Domestic demand stocks generally fell. Yum China (9987)'s same-store sales in the 2Q23 did not return to pre-epidemic levels, and its stock price fell 6.6%. Other domestic demand stocks fell by an average of about 6%. CGS (6098) announced that it intends to repurchase up to 337mn shares. The stock price rose against market today by 18.0% today and closed at HK$9.91.

Source: KGI Asia Investment Strategy

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