Market Insight

Market Roundup

The Central Economic Work Conference emphasized that maintaining stable development in next year and matching the reasonable financing needs of the Chinese developers. However, Hong Kong stock market fell today. The HSI opened 62 points lower and then turned downward. It once fell 154 points to 16,219 and fell 121 points or 0.7% in mid-day to 16,252; the HSCEI fell 56 points or 1% to 5,558; the HSTECH fell 30 points or 0.8%, reported at 3,699. The total half-day turnover of the market was HK$36.94bn. The Chinese developer sector generally fell today, with the decline ranging from 3% to 7.4%. However, Country Garden (2007) was reported to be able to avoid its first domestic debt default, and its stock price rose 1.3%. The Central Economic Work Conference focusd on expanding domestic demand, but domestic demand stocks weakened. The stock prices of China Resources Beer (0291) and Anta (2020) both fell by more than 3% in mid-day.

Source: KGI Asia Investment Strategy

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