Market Insight

Market Roundup

The Hang Seng Index closed at 17,082 points for the day, down 11 points or 0.1%. The Hang Seng Technology Index was at 3,656 points, up 12 points or 0.3%. The H-Share Index fell 17 points, or 0.3%, to 5,932 points. The market turnover was HkD120.449bn.

Country Garden (02007.HK) responded to the failure to repay domestic debt as scheduled and said it would do its best to raise funds during the grace period. The stock fell 4.9%. According to the terms of the existing bond contract, the company still has a grace period of 30 trading days. In addition, it was reported that Vanke (02202.HK) was discussing bond swaps with major creditor banks to avoid default. The stock price fell 3.4%. Mainland property stocks were highly volatile today.

Li Ning (02331.HK), which was rumored to be privatized, issued an announcement stating that it was not aware of the reasons for the abnormal changes in stock price and trading volume. The stock retreated 3.3%. Li Ning will have earnings release next Tuesday. Management's guidance is expected to become the focus of the market.

Cathay Pacific Airways (00293.HK) announced a profit turnaround in FY23, recording NI of HKD9.067bn, compared to FY22’s HKD7.237bn loss. Cathay Pacific is pleased to announce that the group has achieved its target set for the end of 2023, with passenger flights returning to 70% of pre-pandemic levels. Cathay Pacific shares moved up 5.7%.

Source: KGI Asia Investment Strategy

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