Market Insight

Market Roundup

Strong U.S. job market data strengthened expectations for further interest rate hikes. U.S. stocks fell. The Hang Seng Index opened 98 points lower at 18,435 points, the half-day drop widened to 192 points or 1%, closing at 18,341 points. Hang Seng Technology Index fell 78 points, or 2%, to 3,870 points. HSCEI fell 87 points or 1.4% to 6,181 point. Market turnover was HK$ 45.2 bn. ATMs developed individually. Alibaba (9988) bucked rose more than 1%. Xpeng Motors (9868) fell 5.7% to HK$54.3.

Source: KGI Asia Investment Strategy

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