Market Insight

Market Roundup

The debt ceiling discussion still has no results, and US stocks closed down last night. The Hang Seng Index opened lower by 152 points to 19,279 points. The losses expanded to 315 points and closed at 19,116 point; the China Enterprises Index fell 125 points or 1.9% to 6,478 point; the Hang Seng Technology Index fell 77 points or 2% to 3,776 point. The market turnover was HK$ 98 bn. Gambling stocks weakened, with Sands (1928) down 5.4% and Galaxy Entertainment (0027) down 4.3%. Xiaomi (1810) dropped 3.3% to HK$10.4 before the announcement of quarterly results. The stock price of Cathay Pacific (293) fell 1.6% to HK$7.5.

Source: KGI Asia Investment Strategy

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