Market Insight

Half Day Roundup

the US PPI in Feb recorded the largest increase in half a year, which was much higher than consensus, dragging down the performance of U.S. stock markets. Hong Kong stock market followed and reported lower today. The HSI opened 203 points lower and then extended its losses. It fell 354 points or 2.1% in half a day to 16,607. The HSCEI fell 140 points or 2.4% to 5,766. The HSTECH fell 99 points or 2.8%, reported at 3,504. The total half-day turnover of the market was HK$55.17bn. Chinese technology stocks generally fell, with Tencent (0700) and Alibaba (9988) falling 2.8% and 3.1% respectively. In February, the price index of new commercial housing in 70 large and medium-sized cities fell by 0.3% MoM. China real estate stocks fell back. Longfor (0960) and Seazen (1030) both fell by nearly 5%.

Source: KGI Asia Investment Strategy

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