Market Roundup

Half Day Roundup

The Hang Seng Index opened 64 points lower, at 16,183 points, and rose 488 points, or 3%, to 16,736 points at noon; the CEI rose 199 points, or 3.6%, to 5,718 points; the Hang Seng Technology Index rose 146 points, or 4.5%, to 3,410 points point. The total half-day turnover of the market was HK$64.8 billion. HSBC (0005) shares rose 1% to 63.3% before the results were released. In addition, the Ministry of Housing and Urban-Rural Development announced that 214 cities have established real estate financing coordination mechanisms and yesterday lowered the five-year LPR by 25 points, driving the share price of Chinese real estate stock like Longfor (960) rose by 10.1% today. For major technology stocks, Alibaba (9988) and Meituan (3690) rose 2.4% and 6.9% respectively.

Source: KGI Asia Investment Strategy

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