Market Insight

Market Roundup

Hong Kong stocks rose first and then fell today. The HSI opened 68 points higher, rose 139 points and then turned lower. It fell 17 points or 0.1% in mid-day to 17,408. The HSCEI fell 20 points or 0.4% to 5,968. HSTECH fell. 30 points or 0.8%, closed at 3,951. The total mid-day turnover of the market was HK$43.0bn. Some domestic media pointed out that there is room and necessity for further RRR cuts before the end of the year. Today, the stock prices of the four major domestic banks all rose, with an increase of between 0.4% and 0.8%. Ping An of China (2318)'s premium income increased by 4.7% in the first ten months, and its stock price rose by 2.1%. Sporting goods stock Xtep Intl (1368) had poor sales during “Double 11 shopping festival”, with its stock price falling 14.6% today. Anta Sports (2020) both fell 4.3% today.

Source: KGI Asia Investment Strategy

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