Market Insight

Market Roundup

The U.S. stock market was closed last night, and China’s 1-year loan market quotation rate (LPR) was cut by 10 basis points. The Hang Seng Index opened 49 points lower and then extended its decline after opening at 19,864 point. It fell 306 points or 1.5% to 19,607 point; The China Enterprises Index fell 122 points or 1.8% to 6,655 point; the Hang Seng Technology Index fell 103 points or 2.5% to 4,075 points. The total daily turnover of the market was HK$ 94.4 bn. Catering stocks were weak. Haidilao (6862) and Jiumaojiu (9922) both fell 5.8%. In addition, WuXi Biologics (2269) pointed out in an investor meeting today that its first-half profit may remain flat. Investors were worried about whether it would meet the 30% revenue growth expectation, and the share price fell 17%.

Source: KGI Asia Investment Strategy

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