Market Insight

Market Roundup

Hong Kong stocks market continued to retreat its recent gains today. The HSI opened 108 points lower today and then fell further, falling 397 points or 2% in mid-day to 19,613; the HSCEI fell 146 points or 2.1% to 6,707; The HSTECH fell 116 points, or 2.6%, to 4,422. The market's mid-day turnover totaled HK$59.6bn. Domestic demand stocks generally fell. Yum China (9987)'s same-store sales in 2Q23 did not return to pre-epidemic levels, and its stock price fell 6.4%. Other domestic demand stocks fell by more than 6% on average. CGS (6098) announced that it intends to repurchase up to 337mn shares. The stock price rose against market today by 17.9% to HK$9.9.

Source: KGI Asia Investment Strategy

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