Market Roundup

Half Day Roundup

Market is worried about the Federal Reserve's aggressive interest rate hikes today, and China and U.S. relations may become tense again. Hong Kong market faced heavy selling pressure when market opened. HSI opened 311 points lower and had further decline. It once dropped 574 points and fell as low as 21,085 points. HSI fell 500 points or 2.3% to 21,160 in the mid-day. the H-Share Index fell 218 points or 3.0% to 7,168. HSTECH fell 172 points or 3.7% to 4,461. The market's mid-day turnover totaled HK$76.60bn. China tech stocks generally fell. Heavyweight Tencent (0700) and Alibaba (9988) lost 2.7% and 3.2% respectively. Only SenseTime (0020) rose 2.1%. EV sector followed the market down, NIO (9866) and Li Auto (2015) fell 7.5% and 4.7% respectively.

Source: KGI Asia Investment Strategy

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