Market Insight

Market Roundup

After the U.S. CPI in June was lower than the consensus on Wednesday, the US dollar index fell below 100 today, and the Hong Kong stock market fluctuated in the morning. The HSI opened 184 points higher and then narrowed its gains. The HSI closed at 19,413, up 63 points or 0.3%. The HSTECH closed at 4,228, down 8 points or 0.2%. The HSCEI rose 14 points, or 0.2%, to 6,558. Market turnover was HK$91.3bn. Heavyweight stocks have a slight upward trend today, Tencent (0700) and Alibaba (9988) rose 0.8% and 0.2% respectively. Vehicle sector generally fell today, BYD (1211) and Geely (0175) shares fell 0.5% and 0.8%. Luk Fook (0590) retail sales in 1Q23 increased by 62% YoY, and the stock price rose 3.4% today.

Source: KGI Asia Investment Strategy

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