Market Insight

Market Roundup

The China SEC fined Ant Group RMb7.12bn. The market expects that the Chinese government’s supervision of Alibaba (9988) and other Chinese tech companies may end in short term. The Hong Kong stocks are driven to perform well. The HSI opened 381 points higher but narrowed its gains before mid-day. It rose 143 points or 0.8% in mid-day to 18,509. The HSCEI rose 43 points, or 0.7, to 6,241 points; the HSTECH rose 48 points, or 1.3%, to 3,950. The market's half-day turnover totaled HK$45.0bn. Alibaba (9988) rose 3.2% in mid-day, while other Chinese tech stocks rose between 1.2% and 4.3%. Auto stocks fell against the market. Share prices of BYD (1211) and Geely Automobile (0175) fell 0.4% and 0.1% respectively.

Source: KGI Asia Investment Strategy

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