Market Insight

Market Roundup

The US debt ceiling negotiation continued to affect US stock market, while Hong Kong stocks were fluctuated today. The HSI fell 129 points in the morning session and once reached 19,498 points. Then, it rose 92 points to reach 19,719. The HSI rose 27 points or 0.1% in mid-day to 19,654; the HSCEI fell less than 1 point to 6,663; the HSTECH fell 2 points or 0.1% to 3,871. The market's half-day turnover totaled HK$46.2bn. 3 more stocks are going to join HSI as members, who are China Resources Power (0836), Zijin (2899), JD Health (6618) and Ctrip (0996). Zijin, JD Health and Ctrip rose between 0.9% and 1.5%; only China Resources Power shares fell 0.5%. KWG (1813), a mainland property developer, announced that it failed to pay the principal and interest of US$120mn bills, and its share price fell 13.1% within mid-day.

Source: KGI Asia Investment Strategy

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