Market Insight

Market Roundup

Strong U.S. labor market data strengthened expectations of further interest rate hikes. U.S. stocks fell. The Hang Seng Index opened 98 points lower at 18,435 points, the full-day decline widened to 167 points or 0.9%, closing at 18,366 points. The Hang Seng Technology Index fell 48 points, or 1.2%, to 3,901 points. HSCEI fell 70 points or 1.1% to 6,198 points. Market turnover was HK$ 99.4 bn. ATMs developed individually. Alibaba (9988) bucked the trend and rose more than 3.4%. Xpeng Motors (9868) retreated 5.2% to HK$54.6.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.