Market Insight

Market Roundup

The US CPI and core CPI data for June were better than consensus, and the US dollar index fell accordingly. It drove the stock markets in non-US regions to do well today, and Hong Kong market also followed the global markets. The HSI has risen by about 320 points since open today, and then continued to rise. It closed at 19,330 in mid-day, up 469 points or 2.5%. HSTECH closed at 4,221, up 139 points or 3.4%. The HSCEI rose 158 points, or 2.5%, to 6,536. Market turnover was HK$65.12bn. Affected by the US rate hike may be end, a number of heavyweight stocks have support today. Tencent (0700), Alibaba (9988), and AIA (1299) etc rose between 1.1% and 5.4%.

Source: KGI Asia Investment Strategy

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