Market Insight

Market Roundup

U.S. stocks fell sharply due to the bad news of banking stocks last night. The Hang Seng Index opened 345 points lower today to 19,580 point. The trend continued to weaken throughout the day. It closed down 606 points, or 3%, to 19,320 point; The China Enterprises Index fell 204 points or 3.1% to 6,446 points; the Hang Seng Technology Index fell 149 points or 3.8% to 3,782 points. The total daily turnover of the market was HK$ 166.4 bn. JD.com (9618) slumped over 11% to HK$158.7 after the results. As for EV stocks, the market was worried about the impact of the price war. BYD (1211) fell 8%, and Geely (175) fell over 5%.

Source: KGI Asia Investment Strategy

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