Market Insight

Market Roundup

News that the debt ceiling negotiations have finally made progress, US stocks closed higher on Friday. However, the Hang Seng Index opened 80 points higher at 18,827 points, it turned down 49 points or 0.3% to 18,698 points for the first half; the China Enterprises Index fell 37 points or 0.6% to 6,297 points; The Hang Seng Technology Index fell 16 points or 0.4% to 3,676 points. The market turnover was HK$ 58.9 bn. Meituan (3690) fell 6.4% to HK$117.9 after the announcement of its quarterly results. Technology stocks diverged, NetEase (9999) rose 7.8% to HK$140.7.

Source: KGI Asia Investment Strategy

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