Market Insight

Market Roundup

U.S. Treasury Secretary Yellen promised to support small bank deposits. The Hong Kong market continued to rebound today. The HSI opened 169 points higher and then expanded its gains. It rose 370 points in mid-day to reach 19,629. The HSI closed at 19,591 points today, up 332 points or 1.7%. The HSTECH closed at 4,009, up 43 points or 1.1%. The HSCEI rose 90 points, or 1.4%, to 6,639. Market turnover was HK$106.9bn. Financial stocks continued to rebound after fully written down of Credit Suisse's AT1 bonds. HSBC (0005) and AIA (1299) rose 3.1% and 3.6% respectively. China-funded technology stocks generally performed well, Tencent (0700) and Alibaba (9988) rose 1.0% and 2.9%.

Source: KGI Asia Investment Strategy

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