Market Roundup

China and the U.S. have reached a trade consensus. The U.S. will not change the tariff rates on Chinese goods and will cancel some export controls. Reportedly, China will also resume rare earth magnet exports for six months. Hong Kong stocks retreated in the morning session. The Hang Seng Index opened 143 points lower, dropped 213 points in the early session to a low of 24,153, then narrowed its losses. By midday, it was down 121 points or 0.5%, at 24,244. The China Enterprises Index fell 45 points or 0.5%, to 8,820. The Hang Seng Tech Index dropped 57 points or 1.1%, to 5,393. Total market turnover for the morning session was HKD 125.6 billion. China Biopharmaceutical (1177) Management stated that revenue from innovative drugs will exceed 50% this year. The stock rose 15.1%.

Source: KGI Investment Products and Solutions Department

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