Market Insight

Market Roundup

Chinese Government continues to launch stimulus policies for the property market, and Hong Kong stocks sentiment turned positive today. HSI opened 210 points higher and then expanded its gains, the index closed at 18,844 points for today, up 462 points or 2.5%. The HSTECH reported at 4,305, up 125 points or 3.0%. The HSCEI rose 201 points or 3.2% to 6,533. The market turnover was HK$152.7bn. The market is looking forward to the policy restriction can be released in the core cities. The share prices of Chinese property stocks, such as Longfor (0960), China Resources Land (1109) and China Overseas (0688) all rose by more than 8%. It was reported that Country Garden (2007)'s domestic bond extension plan had received enough votes to pass, and the company's stock price rose 14.6% today. Meanwhile, BYD (1211) sold more than 270,000 new energy vehicles in August, a YoY increase of 57% and its stock price rose 3.1%.

Source: KGI Asia Investment Strategy

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