Market Insight

Market Roundup

Hong Kong stocks rose first and then fell today. The HSI opened 68 points higher and then rose 139 points before turning lower and closing at 17,396 for today, down 29 points or 0.2%. The HSTECH reported at 3,951, down 29 points or 0.7%. The HSCEI fell 24 points, or 0.4%, to 5,964. The market turnover was HK$76.78bn. Domestic media pointed out that there is room and necessity for further RRR cuts before the end of the year. Today, CCB (0939) and ICBC (1398) rose 0.4% and 0.5% respectively. Ping An of China (2318)'s premium income increased by 4.7% in the first ten months, and its stock price rose by 1.7%. Sporting goods stock Xtep Intl (1368) had poor sales during “Double 11 shopping festival”, and its stock price fell 14.6% today, while Anta Sports (2020)'s stock price fell 4.9% today.

Source: KGI Asia Investment Strategy

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