Market Roundup

Market Roundup

Yesterday, the February PPI announced by the United States hit the largest increase in half a year, much higher than expected, dragging down the performance of U.S. stocks. The Hang Seng Index fell 241 points, or 1.4%, to 16,721 points throughout the day; the China National Index fell 86 points, or 1.4%, to 5,820 points; the Hang Seng Technology Index fell 54 points, or 1.5%, to 3,550 points. The total daily turnover of the market was HK$139.1 billion. Chinese technology stocks generally fell, with Tencent (0700) and Alibaba (9988) falling 1.9% and 2.1% respectively. In February, the price index of new commercial housing in 70 large and medium-sized cities fell 0.3% month-on-month. Mainland property stocks fell back, with Longfor (0960) and SEAZEN (1030) falling 3.5% and 2.7% respectively.

Source: KGI Asia Investment Strategy

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