Market Insight

Half Day Roundup

U.S. stocks closed higher on Friday. The Hang Seng Index opened 20 points lower on the first trading day in April, at 20,379 points, and fell 120 points or 0.6% in half a day, to 20,279 point; the China Enterprises Index fell 57 points, or 0.8%, to 6,912 point; the Hang Seng Technology Index fell 52 points, or 1.2%, to 4,251 point . The half-day market turnover was HK$63 bn. The oil group announced production cuts. In May, the combined with supply cut decision by other countries decreased by more than 1.16 million barrels. The rise in oil prices caused CNOOC (883) and PetroChina (857) to rise 3.6% and 1.5% respectively today. Kingsoft Cloud (3896) rose 18% to HK$5.08 after it announced its results.

Source: KGI Asia Investment Strategy

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