Market Insight

Market Roundup

The mainland's official manufacturing PMI fell to 48.8 in May, and Hong Kong stocks were dragged down today. The Hang Seng Index opened 180 points lower and then extended its decline. It once fell 456 points to 18,139 points. The Hang Seng Index fell 362 points or 1.9% to 18,234 points at market close; the H-Share Index fell 120 points or 1.9% to 6,163 points; the Hang Seng Technology Index fell 75 points or 2% to 3,627 points. The market turnover was HK$ 170.9 bn. New York oil futures fell below $70, and the oil sector generally fell. The stock prices of Sinopec (0386), CNOOC (0883) and PetroChina (0857) fell between 3.1% and 5.4%. Mainland catering stocks were dragged down by the weak economic data. Share prices of XiabuXiabu (0520) and Yihai (1579) fell 2.9% and 4.5% respectively.

Source: KGI Asia Investment Strategy

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