Market Roundup

Market Roundup

Hong Kong stock market fell first and then rebounded today. The HSI opened 64 points lower and then turned upward. It rose 508 points before lunch and was closed to the 16,800. However, in the afternoon, HSBC (0005) announced worse-than-consensus, and the market's gains narrowed significantly. It rose 255 points or 1.6% today to close at 16,503; the HSCEI rose 123 points or 2.2% to close at 5,642; the HSTECH rose 86 points or 2.7% to close at 3,351. The total daily trading volume of the market increased to HK$122.44bn. HSBC's profit before tax and full-year dividend last year were both lower than the market consensus, and its stock price fell 3.8% today. However, Hang Seng Bank (0011)'s performance beat consensus, and its stock price rose 9.1% today. The Ministry of Housing and Urban-Rural Development stated that 214 cities have established real estate financing mechanism. Chinese property developers generally rose, ranging from 4.0% to 9.5%.

Source: KGI Asia Investment Strategy

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