Market Insight

Market Roundup

Federal Reserve members issued dovish statement, which may be a pause in rate hikes in this year. Hong Kong stocks rebounded today along with Asia-Pacific stock markets. The HSI opened 292 points higher this morning and opened at 17,957. It closed at 17,893 today, up 228 points or 1.3%. The HSTECH reported at 3,952, up 77 points or 2.0%. The HSCEI rose 80 points or 1.3% to 6,132. The market turnover was HK$88.80bn. Pharmaceutical and biotechnology stocks were generally speculated, with stocks such as WuXi Biologics (2269) and Innovent Biologics (1801) rising between 3.6% and 10.6%. The State Administration of Financial Supervision proposed to expand automobile consumption, BYD (1211) and Li Auto (2015) rose 1.9% and 3.5% respectively.

Source: KGI Asia Investment Strategy

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