Market Insight

Market Roundup

The Dow rose 112 points or 0.3% on last Friday, benefited from the better-than-consensus quarterly results of U.S. bank stocks. As the Lunar New Year holiday is coming, the Hong Kong stock market remains weak today. HSI rose 208 points before noon, reaching a high of 21,947. However, there was obvious selling pressure after mid-day. HSI closed at 21,746 today, only up 8 points. HSTECH closed at 4,506, down 48 points or 1.1%. HSCEI fell 40 points, or 0.6%, to 7,350. Market turnover was HK$140.8bn yuan. Apart from Alibaba (9988), which rose 0.6%, other Chinese technology stocks fell. Tencent (0700) and JD.com (9618) fell 0.3% and 1.8% respectively.

Source: KGI Asia Investment Strategy

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