Market Roundup

Market Roundup

The U.S. ISM manufacturing index for August was worse than market consensus. The market was worried about the U.S. economy, and U.S. stock markets fell by more than 1%. Asia-Pacific stock markets followed the decline today. The HSI opened 176 points lower and then expanded to a drop of 318 points. The decline later narrowed. The index closed at 17,457, down 194 points, or 1.1%; the HSCEI fell 69 points, or 1.1%, to close at 6,133; the HSTECH fell 13 points, or 0.4%, to close at 3,482. The total daily market turnover was HK$97.0bn. Libyan oil supply is expected to return to the market, international oil prices fell, and the share price of 3 oil SOEs fell between 2.5% and 6.3%. A total of 370mn shares of Sanergy (2459)'s major shareholders were forced to be sold. After trading resumed this morning, the stock rose 78.5%.

Source: KGI Investment Strategy

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