Market Insight

Market Roundup

Hong Kong stocks market opened higher and closed lower at mid-day. After opening 118 points higher, the HSI turned down 201 points and fell 174 points or 1% in mid-day to 17,385. The HSCEI fell 75 points or 1.3% to 5,965. The HSTECH fell 37 points or 0.9% and closed at 3,986. The total mid-day turnover of the market was HK$40.3bn. It was reported that CCB (0939) held a meeting with six real estate companies including Vanke (2202) and Longfor (0960) on supporting financing needs. CCB's stock price fell nearly 1% in mid- day, while other Chinese real estate stocks fell by nearly 5.2% to 11.4%. New World (0017), which earlier announced a bond buyback worth US$600mn It did not help stabilize its stock price, falling by 6.0% in mid-day.

Source: KGI Asia Investment Strategy

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