Market Insight

Half Day Roundup

The PBOC announced that the one-year LPR remained unchanged, and the five-year LPR was 3.95%, a decrease of 25 basis points, which exceeded expectations. After opening 66 points higher, the HSI rose 118 points, but then turned down. It fell 44 points, or 0.3%, to 16,111 at mid-day; the HSCEI fell 19 points, or 0.4%, to 5,465; the HSTECH fell 37 points. or 1.2%, at 3,215. The total mid-day turnover of the market was HK$39.48bn. BYD (01211.HK) announced that the price of its "Qin PLUS DM-i" will be less than RMb80,000. Its stock price fell 3.4% at mid-day. The stock prices of other car companies fell by between 2% and 6.8%. JD.com (09618) is considering acquiring British electrical appliances retailer Currys, and its stock price fell 2.9% at mid-day.

Source: KGI Asia Investment Strategy

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