Market Insight

Market Roundup

U.S. stocks closed lower last night. The Hang Seng Index opened 67 points lower at 20,330 points. The trend throughout the day was weak, fell 321 points or 1.6%, to 20,076 points; The China Enterprises Index fell 131 points or 1.9% to 6,764 points; the Hang Seng Technology Index fell 128 points or 3.1% to 3,970 points. The market turnover was HK$106.1 bn. Li Ning (2331) announced yesterday that it recorded mid-single-digit growth in the first quarter. Its share price once rose by 13%, but the daily increase narrowed to 2.9%, closing at HK$59. Chinese stocks continued to reach new high, but turned down due to market conditions. China Railway Group (390) and China Railway Construction (1186) fell 0.5% and 1.5% respectively.

Source: KGI Asia Investment Strategy

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