Market Roundup

Market Roundup

The debt ceiling negotiations have finally made progress, US stocks closed higher on Friday. The Hang Seng Index opened 80 points higher at 18,827 points, but it turned down 196 points or 1% to 18,551 point at market close; the China Enterprises Index fell 83 points or 1.3% to 6,251 point; the Hang Seng Technology Index fell 44 points or 1.2% reported at 3,647 points. The market turnover was HK$ 110.5 bn. Meituan (3690) fell 8.1% to HK$115.8 after the announcement of its quarterly results. Technology stocks diverged. NetEase (9999) rose 7.2% to HK$139.9.

Source: KGI Asia Investment Strategy

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