Market Insight

Market Roundup

The market is worried that Credit Suisse may detonate the financial crisis. The market said that bank failure will force the Federal Reserve to slow down the pace of raising interest rates. The US stock index was mixed, and the Nasdaq index closed up. The Hang Seng Index opened 342 points lower at 19,198 point, and fell 336 points to 19,204 points at market close. The China Enterprises Index fell 77 points or 1.2% to 6,482 point; the Hang Seng Technology Index fell 54 points or 1.4% to 3,812 point. The market turnover was HK$111.3 bn. Banking sector continued to be under pressure. HSBC (0005) and Standard Chartered (2888) fell 2.3% and 5.4% respectively. Baidu (9888) share price fell 6.4% to HK$125.1 after holding the "ERNIE Bot" press conference.

Source: KGI Asia Investment Strategy

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