Market Roundup

Half Day Roundup

Hong Kong stock market continued to be weak today. After opening 51 points lower, the HSI fell 238 points. The decline then narrowed to a drop of 159 points, or 1%, to 15,544. The HSCEI fell 55 points, or 1.1%, to 5,220; HSTECT fell 63 points, or 2.1%, to 3,035. The total mid-day turnover of the market was HK$49.06bn. The US Secretary of Commerce warned that Chinese electric vehicles may pose national security risks. The new energy vehicle sector generally fell today, with BYD (1211) stock price falling 1.4%. An analyst pointed out that iPhone shipments may fall significantly this year, and mobile phone-related stocks generally fell. Cowell (1415) and AAC (2018) fell 5.4% and 6.4% respectively. Sunny (2382) announced a profit warning. Last year’s net profit fell by  50% to 55% yoy. The stock price fell 9.8% today.

Source: KGI Asia Investment Strategy

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