Market Roundup

Dragged down by pharmaceutical stocks, Hong Kong stocks fluctuated today. The HSI opened 212 points lower and then extended its decline to 321 points. It rebounded 41 points in the afternoon before reversing course, closing down 113 points, or 0.4%, at 26,086. The HSCEI fell 67 points, or 0.7%, to 9,260, while the HSTECH dropped 13 points, or 0.2%, to 5,888. Total market turnover for the day was HK$325.2bn. Rumors circulated that White House officials were drafting an executive order to tighten the review process for US pharmaceutical companies purchasing licenses from Chinese companies. Pharmaceutical stocks fell across the board, with Akeso (9926), WuXi Biologics (2269), and Hansoh Pharmaceutical (3692) falling between 4% and 8.8%.

Source: KGI Investment Products and Solutions Department

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