Market Insight

Market Roundup

Fed Chairman Powell mentioned that the pace of interest rate hikes may be accelerated. The three major U.S. indexes all fell. Stock markets in the Asia-Pacific region followed today. HSI opened 277 points lower and then expanded its decline. HSI closed at 20,051, down 483 points or 2.4%. HSTECH closed at 3,989 points, down 133 points or 3.2%. HSCEI fell 185 points, or 2.7%, to 6,727 points. Market turnover was HK$117.5bn. Frustrated by the sentiment of the market, Chinese tech stocks were under pressure today. Share prices of Tencent (0700) and Alibaba (9988) fell 2.1% and 3.2% respectively. In the first two months of the mainland, sales of vehicle fell 21% YoY, and auto stocks generally fell. Geely (0175) and Greatwall (2333) fell 4.3% and 5.6%.

Source: KGI Asia Investment Strategy

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