Market Insight

Half Day Roundup

The market is worried that Credit Suisse may detonate the financial crisis. The market said that bank failure will force the Federal Reserve to slow down the pace of raising interest rates. The US stock index was mixed, and the Nasdaq index managed to closed up. The Hang Seng Index opened 342 points lower and closed at 19,198 point. The half-day decline narrowed to 291points closed at 19,245 points. The China Enterprises Index fell 56 points or 0.8% to 6,503 points; the Hang Seng Technology Index fell 29 points or 0.7% to 3,837 points. The market's half-day turnover totaled HK$ 61.6 bn. Banking sector continued to be under pressure. HSBC (0005) and Standard Chartered (2888) fell 2.5% and 4.8% respectively. Baidu (9888) will release "ERNIE Bot" at 2 o'clock today, its share price fell 2% to HK$130.9.

Source: KGI Asia Investment Strategy

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