Market Roundup

Market Roundup

The People's Bank of China has launched a series of measures to support the economy. The Hang Seng Index opened 327 points higher in the morning at 18,574 points, rose 753 points or 4.1% throughout the day to 19,000 points; the HSCEI rose 325 points or 5.1% to 6,714 points; the Hang Seng Technology Index rose 217 points or 5.8% to 3,915 points. The total market turnover for the whole day was HK$242.4 billion. The market turnover increased significantly, with the share price of Hong Kong Stock Exchange (388) rose 7.4% to HK$258.8. China property developer stocks surged, with R&F (2777) and KWG Group (1813) rose 16% and 10.9% respectively. The People's Bank of China said it will lower the deposit reserve ratio by 0.5 percentage points in the near future. Chinese banking stocks also performed well, with China Merchants Bank (3968) and Bank of Communications (3328) rose 10.8% and 6.3% respectively.

Source: KGI Investment Strategy

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