Market Roundup

Half Day Roundup

Asia-Pacific stock markets fell sharply today, with Hong Kong stock market recording slight declines supported by the rise in the RMB exchange rate. The HSI opened 268 points lower in the morning market, and then the decline narrowed significantly. It fell 36 points, or 0.2%, to 16,908 at mid-day; the HSCEI fell 24 points, or 0.4%, to 5,950; the HSTECH rose 3 points, or 0.1 %, reported at 3,389. The total mid-day market turnover was HK$60.82bn. Affected by the specter of recession in the U.S., local banking stocks came under pressure, with HSBC (0005) and Standard Chartered (2888) falling 3.7% and 5.0% respectively. The expectation of interest rate cuts stimulated Hong Kong real estate stocks, with gains ranging from 3.4% to 7.9%.

Source: KGI Investment Strategy

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