Market Insight

Market Roundup

The Hong Kong stock market continued to decline today. The Hang Seng Index opened 57 points lower and then expanded its decline. It fell 324 points or 1.6% in half a day to 19,636 point; the China Enterprises Index fell 127 points or 1.9% to 6,606 point; the Hang Seng Technology Index fell 137 points or 3.5%, to 3,824 point. The market's half-day turnover was HK$ 52.4 bn. Technology stocks continued experience major drawdown. Meituan (3690) fell 4.8%, while JD.com (9618) fell 4.3% to HK$132.4, falling below its October low. Some sectors continue to rose while index poorly performed. For example, China CITIC Bank (998) and Postal Savings Bank of China (1658) rose 3.4% and 1.4% respectively.

Source: KGI Asia Investment Strategy

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