Market Insight

Market Roundup

The U.S. CPI data was lower than market expectations. The Hang Seng Index opened 189 points at 19,263 points. The full-day increase expanded to 303 points, or 1.6%, to 19,377 points; the HSCEI Index rose 130 points, or 1.9%, to 6,871 points; Hang Seng Index The technology index rose 31 points, or 0.76%, to 4,072 points. The total market turnover for the whole day was HK$204.9 billion. On Tuesday, Tencent (700) and Alibaba (9988) announced their latest quarterly results. The former was better than expected, and its share price rose 3.9%; while the latter was worse than market expectations, and its share price fell 3.5%. In addition, there are rumors that the central government might be one of the buyer of the residential housing, property developer stocks generally rose, with Longfor (960) rose 10.9%. The market turnover hit a new high this year, drove Hong Kong Stock Exchange (388) to rise 2.6%.

Source: KGI Asia Investment Strategy

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