Market Insight

Market Roundup

The market’s worries on banking sector. U.S. stocks were mixed last night. Hong Kong stocks opened 172 points lower to 19,524 points, and then fell further, falling 448 points, or 2.3%, to 19,248 points; The H-Share Index fell 151 points, or 2.3%, to 6,439 point; the Hang Seng Technology Index fell 101 points, or 2.6%, to 3,790 point. The market turnover was HK$130.9 bn. Bank stocks continued to be under pressure. HSBC (0005) and Standard Chartered (2888) fell 4.7% and 7.2% respectively. The best performing blue chip was SMIC (981), which rose nearly 7% to HK$17.22.

Source: KGI Asia Investment Strategy

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