Market Roundup

Market Roundup

China stepped in to the market. Huijin increased its holdings in the four major Chinese banks on the SSE yesterday. The Hang Seng Index opened 365 points higher opening at 18,258 points, and closed at 18,238 points for the day, up 345 points or 1.9%. The Hang Seng Technology Index reported at 4,019 points, up 66 points or 1.7%. The H-Share Enterprise Index rose 134 points, or 2.2%, to 6,267 points. The market turnover was HK$101.1 bn. In response to Huijin's increase in its holdings of A-share Chinese banks, the share prices of the four major banks rose between 4% and 6% today. In addition, consumer stocks continued yesterday's rebound today, with Li Ning (2331) and Mengniu Dairy (2319) rising 4.3% and 5% respectively.

Source: KGI Asia Investment Strategy

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