Market Roundup

The Hang Seng Index opened 80 points lower and then extended its losses, hitting a low of 25,117 points. It closed down 489 points, or 1.9%, at 25,139 points at midday. The Hang Seng China Enterprises Index fell 188 points, or 2.1%, to 8,729 points; the Hang Seng Tech Index dropped 132 points, or 2.4%, to 5,365 points. Total turnover for the morning session was HK$107.1 billion. In terms of individual stocks, newly listed Guoxia Technology (2655) performed strongly on its first day of trading, benefiting from IPO speculation, closing at HK$45.9, a sharp increase of 128.4% from its offering price. Vanke (2202) plans to propose a debt extension and interest payment plan to creditors, which the market interprets as a potential easing of liquidity pressure, driving its share price up 1.7% against the market trend. Conversely, telecommunications equipment stocks were under pressure, with Yangtze Optical Fibre and Cable (6869) experiencing a sell-off, falling 7.5% at midday.

Source: KGI Investment Products and Solutions Department

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