Market Roundup

Despite China's three economic indicators falling short of consensus last month, Hong Kong stock market rallied, driven by tech and auto stocks. The HSI opened 79 points lower before rebounding 144 points, ending the day up 75 points, or 0.3%, at 26,463. The HSCEI rose 31 points, or 0.3%, to 9,396, while the HSTECH rose 66 points, or 1.1%, to 6,055. Market turnover totaled HK$162bn during the day. Alibaba (9988) rose 2.8%, Bilibili (9626) rose 5.6%, NetEase (9999) and Xiaomi (1810) also rose 1.5% and 1.2% respectively. The release of a three-year plan for new energy storage construction in mainland China has driven direct investment of approximately RMB250bn, prompting a 6.8% increase in battery stock CATL (3750).

Source: KGI Investment Products and Solutions Department

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