Market Insight

Market Roundup

China's PMI data was worse than market expectations. Even though the US indexes closed higher last night, Hong Kong stocks failed to follow. The Hang Seng Index opened 69 points lower at 17,338 points, and then the decline expanded to a half-day drop of 309 points, or 1.8%, to 17,098 points. The H-Share Index fell 109 points, or 1.8%, to 5,851 points; the Hang Seng Technology Index fell 83 points, or 2.2%, reported 3,771 points. The total half-day turnover of the market was HK$45.8 billion. Ganfeng Lithium (1772)'s net profit dropped by more than 90%, and its stock price fell 13% to HK$27.8. WuXi AppTec (2359)'s third-quarter net profit growth was less than 1%, and its stock price fell 8.5% to HK$93.55.

Source: KGI Asia Investment Strategy

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