Market Roundup

Market Roundup

The heavyweight stocks in the HSI performed well today, driving the overall rise of Hong Kong market. The HSI opened 137 points higher and then expanded its gains. It once rose 272 points and reached 18,932. It rose 215 points or 1.2% in mid-day to 18,875; the HSCEI rose 101 points or 1.6% to 6,396; the HSTECH rose 98 points, or 2.5%, to 4,101 points. The market's mid-day turnover totaled HK$47.3bn. Share prices of Tencent (0700), Alibaba (9988) and Meituan (3690) rose 1.8%, 1.9% and 4.3% respectively. China new loans and social financing increased by RMb4.22tn in June, which was higher than consensus. Today, Chinese banking sector performed well. China Construction Bank (0939) and China Merchants Bank (3968) rose 0.9% and 1.6% respectively.

Source: KGI Asia Investment Strategy

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