Market Insight

Market Roundup

THE U.S. stock market rose yesterday after Federal Reserve Chairman Powell said progress had been made in fighting inflation. Hong Kong stock market followed the better sentiment of global market today. After opening 72 points higher, the HSI rose sharply and closed at 17,978 today, up 209 points or 1.18%; the HSCEI rose 80 points or 1.27% to close at 6,455; the HSTECH rose 87 points or 2.48% to close at 3,626. The total daily turnover of the market was HK$113.55bn. The chairman of Bosideng (3998) planned to reduce its holdings of 400mn shares at a discount of 9.6%, and the stock price fell 15.9%. Heavyweight stocks generally performed well, with Tencent (0700) and Alibaba (9988) rising 2.8% and 2.5% respectively.

Source: KGI Asia Investment Strategy

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