Market Insight

Market Roundup

The debt ceiling discussion still has no results, and US stocks closed down last night. The Hang Seng Index opened 185 points or 1% lower at 18,930 points, then closed down 369 points at 18,747 points; the H-Share Index fell 144 points or 2.2% to 6,333 points; the Hang Seng Technology Index fell 85 points or 2.2% to 3,691 point. The market turnover was HK$ 115.5 bn. Xpeng (9868)'s quarterly results were unsatisfactory, and the management is more cautious about the outlook. The company expects vehicle deliveries in the second quarter to range from 21,000 to 22,000 units, a decrease of approximately 36.1% to 39.0% year-on-year. The total revenue in the second quarter will range from CNY 4.5 billion to 4.7 billion, a year-on-year decrease of approximately 36.8% to 39.5%. Xpeng (9868) fell 9.3% throughout the day. Xiaomi Group (1810) turned losses into profits in the first quarter of this year, earning RMB 4.204 billion, exceeding market forecasts. The stock price rose 1%.

Source: KGI Asia Investment Strategy

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