Market Insight

Half Day Roundup

China manufacturing PMI in July was only 49.1, which was worse than expected. Hong Kong stock market fell in the morning market. HSI fell 272 points in the morning and hit a low of 19,883, and then the decline narrowed to 23 points. It was down 65 points, or 0.3%, at 20,091 in the midday. HSCEI fell 5 points or 0.1% to 6,880; HSTECH rose 8 points or 0.2% to 4,339. The market's half-day turnover totaled HK$64.4bn. The State Council announced that it will continue the policy of exempting the purchase tax of new energy vehicles. Today, the automaker sector performed well, with Geely Automobile (0175) and NIO (9866) up 10% and 9.4% respectively. Alibaba (09988) was included in the list of scheduled delisting by US market. The stock price closed down 2.2%.

Source: KGI Asia Investment Strategy

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