Market Insight

Market Roundup

Some U.S. officials said that interest rates may not need to be cut this year, and the three major U.S. stock indexes closed lower. The Hang Seng Index opened 63 points higher in the early morning, and after opening at 16,788 points, the index weakened, and the decline for the whole day narrowed to only down 1 point, to 16,724 points; the H-Share Index fell 11 points, or 0.2%, to 5,863 points; the Hang Seng Technology Index fell 10 points or 0.3%, quoted at 3,451 points. The total daily turnover of the market was HK$73.6 billion. WuXi continued to be under pressure, with WuXi AppTec (2359) and WuXi Biologics (2269) falling 5.5% and 4.8% respectively.

Source: KGI Asia Investment Strategy

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