Market Insight

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

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.