Market Roundup

Hong Kong stocks in the morning session were dragged down by semiconductor and smartphone equipment stocks, resulting in a weak market. The Hang Seng Index opened lower and the decline widened, closing at 25,460 points at noon, down 157 points or 0.6%. The China Enterprises Index closed at 9,083 points, down about 0.4%. The Hang Seng Tech Index fell below the 5,700-point level to 5,695 points, down about 1.8%. Market turnover for the half-day reduced to 183.6 billion HKD. Chip stocks faced heavy selling pressure, with Hua Hong Semiconductor (1347) and SMIC (981) dropping nearly 6% or more, and Sunny Optical (2382) falling nearly 4%, dragging down the tech index performance. Meanwhile, mainland banking stocks performed counter to the trend, rising nearly 2% to close near 3%. New World Development (17) clarified that it had not received any capital injection scheme from the controlling shareholder or others, and its shares retreated more than 3% in the morning.

Source: KGI Investment Products and Solutions Department

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