Market Insight

Half Day Roundup

U.S. officials continued to be hawkish yesterday. After the market rose more than 800 points yesterday, the Hang Seng Index retreated and opened 230 points lower in the morning to 20,390 points. The half-day decline narrowed to 83 points to 20,537 points. The China Enterprises Index fell 17 points to 6,897 points; the Hang Seng Technology Index fell 44 points to 4,141 points. Half-day market turnover was 61.9 bn. Technological Technology (669) announced its results last night after being bearish by short sellers earlier. Today's share price rose 1.3% to HK$81.3. In another results announcement, Xinte Energy (1799) saw its net profit rise 1.7 times, but its share price fell 7% to HK$16.58.

Source: KGI Asia Investment Strategy

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