Market Insight

Market Roundup

The US debt ceiling negotiation continued to affect US stock market while the performance of Hong Kong stocks market was obviously positive today. The HSI rose 27 points or 0.1% in mid-day. The rally intensified afternoon. The HSI closed at 19,971, up 343 points or 1.8%. The HSTECH closed at 3,925, up 51 points or 1.3%. The HSCEI rose 116 points, or 1.7%, to 6,780 points. Market turnover was HK$101.6bn. 3 more stocks are going to join HSI as members, who are China Resources Power (0836), Zijin (2899), JD Health (6618) and Ctrip (0996). Zijin, JD Health and Ctrip rose between 1.9% and 2.3%. Only China Resources Power shares fell 1.5%. KWG (1813), a mainland property developer, announced that it failed to pay the principal and interest of about US$120mn notes, and its share price fell 11.9% today.

Source: KGI Asia Investment Strategy

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