Market Roundup

Market Roundup

The U.S. employment data released last week was lower than consensus, and the market's expectation of interest rate hikes has been suspended, pushing Hong Kong stock market to rise in the morning. The HSI opened 249 points higher and then expanded its gains, rising 298 points or 1.7% in mid-day to 17,962; the HSCEI rose 119 points or 2% to 6,171; the HSTECH rose 146 points or 3.7% to 4,084. The total mid-day turnover in the city was HK$66.44bn. It is rumored that Vanke (2202) held a meeting with financial institutions to discuss operating conditions and bond price fluctuations. Mainland property stocks generally performed well, with share prices rising between 6.2% and 17.3%. For mobile phone related stocks, Sunny Optical (2382) and Cowell (1415) both rose more than 6%.

Source: KGI Asia Investment Strategy

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