Market Insight

Half Day Roundup

U.S. bond rates and the DXY rebounded, while U.S. stocks fell. Hong Kong stock market also followed the Asia-Pacific market downward today. The HSI opened 163 points lower and then expanded its losses, falling 205 points or 1.2% in mid-day to 16,583; the HSCEI fell 65 points or 1.2% to 5,606; the HSTECH fell 88 or 2.4%, reported at 3,626. The total mid-day turnover of the market was HK$38.96bn. Foreign media reported that the Chinese video gaming official, who proposed new gaming restriction, stepped down. Tencent (0700) and NetEase (9999) rose 0.7% and 1.2% respectively. Apple (AAPL.US) was downgraded, citing weak sales of the latest iPhone. Mobile phone component stocks Sunny (2382) and AAC (2018) fell 3.6% and 3.5% respectively.

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.