Market Insight

Market Roundup

After the HSI rose more than 400 points last Friday, it was unable to sustain today and started to fall. The HSI opened 10 points lower and fell 224 points in mid-day. It continued to fall in the afternoon and closed at a low of 17,729 points today, down 328 points or 1.8%; the HSCEI fell 132 points or 2.1% to close at 6,130; the HSTECH fell 108 or 2.7% to close at 3,882. The total daily turnover of the market dropped to HK$74.3bn. Evergrande (3333) canceled the arrangement meeting to re-examine the terms of debt restructuring. Evergrande's share price fell 21.8%, while its related companies Evergrande Automobile (0708) and Evergrande Property (6666) also fell 22.2% and 14.1% respectively. The share prices of other mainland property stocks fell between 4% and 14% today. In terms of electric vehicle stocks, Geely (0175)'s ZEEKR targeted to launch seven more models in Europe in 2025. Geely's stock price fell 2.2% today.

Source: KGI Asia Investment Strategy

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