Market Insight

Market Roundup

The Hang Seng Index opened 13 points lower and closed at 20,355 point. The index was volatile and close up with 29 points or 0.1% to 20,397 point; the China Enterprises Index rose 6 points or 0.1% to 6,895 point; the Hang Seng Technology Index fell 4 points or 0.1%, to 4,098 point. The market's turnover was HK$ 101.56 bn. After Tesla announced last night that its first-quarter gross profit dropped by 10%, Chinese electric vehicles were under pressure today. Xpeng (9868) was the worst performer, down 8.8%. Nio (9866) and Li Auto (2015) fell 6% and 4.3%, respectively. Hongjiu Fruit (6689) dropped another 7.6% today to HK$17.5 after falling below the allotment price yesterday.

Source: KGI Asia Investment Strategy

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