Market Roundup

Market Roundup

Asia-Pacific stock markets fell sharply today, and Hong Kong stock market followed today. After opening 268 points lower in the morning, the HSI narrowed to a loss of only 36 points at the mid-day. However, the decline resumed in the afternoon, falling 247 points or 1.5% today to close at 16,698; the HSCEI fell 98 points or 1.6% to close at 5,876; the HSTECH fell 46 points, or 1.4%, to close at 3,339. The total daily market turnover increased to HK$135.02bn. Affected by the specter of recession in the U.S., local banking stocks were under pressure, with HSBC (0005) and Standard Chartered (2888) falling 5.6% and 6.9% respectively. The expectation of rate cuts stimulated Hong Kong real estate stocks, with gains ranging from 2.0% to 6.2%.

Source: KGI Investment Strategy

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