Market Insight

Market Roundup

Hong Kong stock market continued to be weak today, with the HSI once falling 238 points and then narrowing its losses to 159 points. However, the decline intensified in the afternoon, with the HSI closing at 15,485 today, down 218 points or 1.4%. The HSTECH reported at 3,005, down 93 points or 3.0%. The HSCEI fell 81 points, or 1.5%, to 5,194. The market turnover was HK$98.85bn. The US Secretary of Commerce warned that China's electric vehicles may pose national security risks. The new energy vehicle sector generally fell today, with BYD (1211) stock price falling 2.0%. An analyst pointed out that iPhone shipments may fall significantly this year, and mobile phone-related stocks generally fell. Cowell (1415) and AAC (2018) fell 4.4% and 7.7% respectively. Sunny (2382) announced a profit warning. Last year's net profit fell by about 50% to 55% year-on-year. Its stock price fell 11.7% today.

Source: KGI Asia Investment Strategy

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