Market Insight

Market Roundup

U.S. bonds continued to rise and U.S. stocks came under pressure. The Hang Seng Index opened 192 points lower at 17,540 points. The decline widened to 436 points, or 2.4%, to 17,295 points at market close. The H-Share Index fell 151 points, or 2.5%, to 5,924 points. The Hang Seng Technology Index fell 72 points, or 1.9%, to 3,700 points. The total daily turnover of the market was HK$91.2 billion. The market lowered its forecast for the growth of e-commerce online GMV in the fourth quarter, with JD.com (9618) and Easybuy (1797) falling 5.4% and 7.9% respectively. EV stocks were generally under pressure today, with Nio (9866) and Xpeng (9868) falling nearly 8% and 9% respectively. Even though BYD (1211) issued a profit announcement, its stock price still fell 3.6%.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.