Market Roundup

Hong Kong stocks opened lower on the first trading day of February, dragged down by a sharp drop in US stock futures and weaker-than-expected PMI data from mainland China, leading to a deteriorating market sentiment. The Hang Seng Index opened 289 points lower and then extended its losses, falling 656 points or 2.4% to 26,730 points at midday; the Hang Seng China Enterprises Index fell 252 points or 2.7% to 9,064 points; and the Hang Seng Tech Index fell 210 points or 3.7% to 5,508 points. Total turnover for the morning session was HK$178.124 billion. Blue-chip stocks were generally under pressure, with China Unicom (0762) plunging over 8% in the morning session, making it one of the worst-performing blue chips; New World Development (0017) fell nearly 13%. Conversely, Sands China (1928) bucked the trend, rising approximately 3.8% in the morning session.

Source: KGI Investment Products and Solutions Department

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