Market Insight

Market Roundup

Hong Kong market was under selling pressure today due to severe overbought conditions. HSI opened 109 points lower and then continued to decline. HSI closed at a near the day low at 22,069 points, down 619 points or 2.7%. HSTECH closed at 4,580 points, down 233 or 4.8%. HSCEI fell 277 points, or 3.6%, to 7,496. Market turnover was HK$203.3bn. Chinese tech stocks led the market down today, Alibaba (9988) and Tencent (700) fell 7.1% and 6.7% respectively. The market concerned that Baidu (9888) may launch an AI chat robot service next month. The stock price once rose 3.1%, but fell 0.6% when the market closed.

Source: KGI Asia Investment Strategy

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