Market Insight

Market Roundup

The market was worried about the hawkish rate hike. US stocks fell last night. The Hang Seng Index opened slightly lower by 12 points at 19,644 points, HSI once managed to turn up but failed to sustain and the market closed at 19,503 point, 153 points lower. The H-Share Index fell 46 points to 6,648 points; the HSTECH Index fell 11 points to 4,141 points. The market turnover was HK$86.6 bn. Postal Savings Bank of China (1658) fell 5.9% to end at HK$4.59. CNOOC (883) rose 3.3% to end at HK$10.16 after Saudi Arabia said it might cut oil production in the future.

Source: KGI Asia Investment Strategy

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