Market Insight

Market Roundup

U.S. data showed that the housing market and consumption data turned hot, and U.S. stocks suffered setbacks. As for the Hong Kong stock market, the news that Alibaba (9988) intends to turn into a holding company. The Hang Seng Index opened 564 points higher to 20,349 points, and rose 408 points or 2.1% to 20,192 points; The China Enterprises Index rose 149 points or 2.2% to 6,878 point; the Hang Seng Technology Index rose 102 points or 2.5% to 4,246 point. The market turnover was HK$146.4 bn. Ali’s rallied, Alibaba (9988) and Ali Health (241) rose 12% and 5.2% respectively.

Source: KGI Asia Investment Strategy

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