Market Insight

Market Roundup

U.S. Apr CPI figures is going to be announced soon and markets are waiting the result. The DJIA has repeatedly dropped 56 points or 0.2% and the Hong Kong stock market fell in the morning. The HSI opened 7 points lower and then expanded its decline. It once fell 170 points and then rebounded slightly. It fell 143 points or 0.72% in mid-day to 19,723; the HSCEI fell 67 points or 1% to 6,667; the HSTECH fell 20 points or 0.5%, at 3,778. The market's mid-day turnover totaled HK$51.6bn. Chinese banking stocks retreated, with the share prices of the four major state-owned banks falling between 3.1% and 4%. Chinese insurance stocks also faced heavy selling pressure. China Life (2628) and China Taiping (0966) both fell more than 2%. April retail sales of vehicles in China increased by 55.5% YoY and 2.5% MoM, auto stocks rose against market. BYD (1211)’s price rose 2.8%.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.