Market Roundup

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

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