Market Insight

Market Roundup

The market is waiting to see the results of the FOMC meeting, and the Hong Kong stock market has retreated since the market opened today. The HSI opened 93 points lower and then continued to decline. It fell 154 points or 0.8% in mid-day to 19,280; the HSCEI fell 78 points, or 1.2%, to 6,525; the HSTECH fell 58 points, or 1.4%, to 4,198 points. The market's mid-day turnover totaled HK$44.6bn. Chip equipment stock ASMPT (0522) fell 64% in 1H23 net profit of HK$625mn, and its stock price fell 1.5% to HK$78.7 in mid-day. The market is concerned about the news of the listing of Ant Group, a subsidiary of Alibaba (9988), and its stock price fell 1.8% today. Auto stocks generally fell today, BYD (1211) and Great Wall Motor (2333) fell 0.9% and 4.0% respectively.

Source: KGI Asia Investment Strategy

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