Market Insight

Market Roundup

Hong Kong stock market opened higher today and then fell. The HSI opened 5 points higher at 17,359 points, then it fell 360 points or 2.1% to 16,993 today. The HSCEI fell 138 points or 2.3% to 5,818. The HSTECH fell. 90 points or 2.2%, at 3,910. The market’s mid-day total turnover was HK$130.1bn. Meituan's performance guidance for the coming quarter hinted at a slowdown in food delivery revenue growth, and its stock price fell 12.2% to HK$90.5 today. The share prices of heavyweights Tencent (0700) and Alibaba (9988) fell 0.8% and 2.2% respectively. Evergrande Property (6666) sought RMb2bn from its parent company Evergrande (3333). Evergrande Property rose 1.1% today, while Evergrande fell 10.4%. L'Occitane (0973) half-year net profit fell 45%, while its share price fell 7.6%

Source: KGI Asia Investment Strategy

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