Market Insight

Market Roundup

The Hang Seng Index closed below 15,000 points today. Hang Seng Index opened 40 points higher at 15,349 points. It fell 347 points or 2.3% throughout the day to 14,961 points; the H-Share Index fell 125 points or 2.4% to 5,002 points; the Hang Seng Technology Index fell 94 points or 3%, quoted at 3,035 points. The total daily turnover of the market was HK$112.2 bn. Chinese property stocks suffered sharp losses today, with China Resources Land (1109) and Longfor (960) falling 11% and 10.5% respectively. Consumer goods stocks such as beer stocks were also under pressure, with Budweiser Asia Pacific (1876) and China Resources Beer (291) falling 4.5% and 5.4% respectively. In terms of technology stocks, Meituan (3690) has not stopped falling, falling another 4.7% today to HK$65.4.

Source: KGI Asia Investment Strategy

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