Market Roundup

Half Day Roundup

China SEC stated that they would allocate more long-term money flow into the market, and Hong Kong stocks continued to do well today. The HSI opened 248 points higher and then narrowed its gains, rising 122 points or 0.8% in mid-day to 15,476; the HSCEI rose 51 points or 1% to 5,192; the HSTECH rose 20 points or 0.6% to 3,167. The total half-day turnover of the market was HK$58.78bn. 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 4.3% in mid-day. Other Chinese technology stocks rose between 0.2% and 3.9%. Automobile stocks generally fell, with BYD (1211) and Li Auto (2015) falling 1.6% and 4.3% respectively.

Source: KGI Asia Investment Strategy

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