Market Insight

Market Roundup

U.S. Federal Reserve Chairman Powell was once again hawkish, and U.S. stocks suffered setbacks. Hong Kong stocks opened down 160 points this morning, at 17,351 points, and fell 279 points, or 1.6%, at 17,232 points in half a day. The H-Share Index fell 115 points, or 1.9%, to 5,915 points. The Hang Seng Technology Index fell 118 points, or 2.9%, to 3,906 points. The market turnover HK$ 39.6 bn. Hua Hong Semiconductor (1347) gross profit margin fell, and its share price fell 13% to HK$17.48. SMIC (981) was also got drag down, which fell 5.9% to HK$22.

Source: KGI Asia Investment Strategy

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