Market Roundup

Hong Kong stocks weakened following the decline in US stocks. The Hang Seng Index opened 168 points lower and then widened its losses, falling as much as 601 points to 26,480 points, before closing down 491 points or 1.8% at 26,590 points. The Hang Seng China Enterprises Index fell 189 points or 2.1% to 9,007 points, and the Hang Seng Tech Index fell 114 points to 5,270 points. Total turnover for the day was HK$251 billion. Standard Chartered (2888) reported weaker-than-expected results, but announced a US$1.5 billion share buyback, which boosted its share price by 3% against the market trend. Insurance stocks were generally under pressure, with China Life (2628) falling along with the market and closing down 6%. In addition, AI stock KNOWLEDGE ATLAS (2513) saw technical buying after a sharp drop recently, with its share price rebounding 12%.

Source: KGI Investment Products and Solutions Department

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