Market Insight

Half Day Roundup

Stimulated by the positive news, Chinese property sector and Chinese technology stocks performed well today. They drove Hong Kong market higher. HSI closed at a high level for mid-day, up 462 points or 2.3% to 20,608. HSCEI rose 167 points, or 2.5%, to 7,001. HSTECH rose 143 points, or 3.4%, to 4,376. The market's half-day turnover totaled HK$74.1bn. Chongqing Banking and Insurance Regulatory Bureau approved Ant Finance to increase its capital to RMb18.5bn. Alibaba (9988) rose 8.1% to HK$95.8. Another heavyweight Tencent (0700) also rose 3.2% to HK$356.2. The Guangzhou Branch of PBOC actively guided outbound guarantee for property developers. The Chinese property sector rose today. Country Garden (2007) and CIFI (0884) rose 5.9% and 15.8% respectively.

Source: KGI Asia Investment Strategy

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