Market Roundup

Hong Kong stocks opened strong this morning. The Hang Seng Index (HSI) opened 208 points higher and extended its gains, rising as much as 347 points to reach an intraday high of 23,455. By midday, it was up 329 points, or 1.4%, at 23,438. The China Enterprises Index (CEI) rose 129 points, or 1.5%, to 8,515. The Hang Seng Tech Index climbed 72 points, or 1.4%, to 5,341. The total market turnover for the morning session was HKD 107.379 billion. Tencent Music (1698) reported earnings showing increases in both the number of subscription users and average revenue per user (ARPU), pushing its stock price up by 12.4%. This also lifted peer NetEase Cloud Music (9899), which rose 9.3%.

Source: KGI Investment Strategy Department

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