Market Insight

Market Roundup

The China SEC stated that they would allocate more long-term money flow into the market, and Hong Kong stock market continued to do well today. After opening 248 points higher, the HSI once narrowed its gains to only 59 points. After the PBOC suddenly announced a 0.5 percentage point cut in the RRR, the HSI closed at 15,899 today, up 545 points or 3.6%. The HSTECH reported at 3,281, up 133 points or 4.2%. The HSCEI rose 212 points, or 4.1%, to 5,353. The market turnover was HK$128.81bn. There was news that Alibaba (9988)'s major shareholders Jack Ma and Tsai Chongxin increased their holdings in the last quarter, and the stock price rose 7.3% today. Other Chinese technology stocks rose between 3.6% and 6.7%.

Source: KGI Asia Investment Strategy

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