Market Roundup

Market Roundup

China's PMI data was worse than market expectations. Even though US stocks closed higher last night, Hong Kong stocks failed to follow. The Hang Seng Index opened 69 points lower at 17,338 points, and then the decline widened to a full-day drop of 294 points, or 1.7%, to 17,112 points. The H-Share Index fell 98 points, or 1.6%, to 5,862 points. The Hang Seng Technology Index fell 95 points, or 2.5 %, reported at 3,759 points. The total daily turnover of the market was HK$84.6 billion. Ganfeng Lithium (1772) net profit dropped significantly by more than 90%, and its stock price fell 12% to HK$28. WuXi AppTec (2359) third-quarter net profit growth was less than 1%, and its stock price fell 8% to HK$94.

Source: KGI Asia Investment Strategy

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