Market Insight

Market Roundup

Affected by the rating agency Fitch’s downgrade of the U.S. credit rating, global stock markets fell yesterday. The Hang Seng Index opened 113 points lower today to 19,404 points, but the decline narrowed. It fell 11 points or 0.1% in half a day to 19,506 points. The H-Share Index rose 1.8 points to 6,671 point. The Hang Seng Technology Index fell 20 points or 0.5% to 4,409 point. The market's half-day turnover was HK$ 52.6 bn. Country Garden Services (6098) softened today after rebounding sharply yesterday and fell 3.7% to HK$9.54. Evergrande Property (6666) resumed trading, and its share price fell 46% to HK$1.23. Budweiser Asia Pacific (1876) announced its first-half results. The first-half profit fell by 8%, and the stock price fell 3.1% in half a day.

Source: KGI Asia Investment Strategy

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