Market Roundup

Hong Kong stock market rose significantly, driven by Alibaba. The HSI opened 430 points higher and subsequently extended gains to close at 25,617, up 539 points, or 2.2%. The HSCEI rose 174 points, or 1.9%, to 9,121, and the HSTECH rose 124 points, or 2.2%, to 5,798. Market turnover totaled HK$380.23bn. Alibaba (9988) reported a 14% drop in adjusted EBITA for the first quarter. Reports indicate the company is developing AI chips, sending its share price surging 18.5%. BYD Electronics (0285) reported a 14% increase in half-year net profit, resulting in a 7.1% increase. Yangtze Fiber & Cable (6869) reported a 22% drop in interim net profit, leading to a 3.4% drop in its share price.

Source: KGI Investment Products and Solutions Department

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