Market Roundup

The US's imposition of a 104% tariff on some Chinese goods has once again triggered financial market turmoil, and the Hong Kong stock market fluctuated sharply today. The HSI opened 632 points lower and then fell 867 points at one point, but the decline was subsequently narrowed. Half-day decline was 312 points or 1.6% to 19,815: the HSCEI fell 90 points or 1.2% to 7,340; the HSTECH fell 43 points or 1% to 4,524. The total market turnover  was HK$207.8bn. The US tripled the tariff rate on small packages from China to 90%, and Alibaba (9988) and JD.com (9618) fell 2% and 2.8% respectively. Domestic chip stocks performed well, with SMIC (0981) and Huahong (1347) rising 7% and 5.1% respectively.

Source: KGI Investment Strategy

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