Market Insight

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

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.