Market Roundup

Hong Kong stocks weakened in the morning session, dragged down by auto stocks.
The Hang Seng Index opened 95 points lower. The decline narrowed to just 30 points at one point, reaching a high of 23,571. However, before noon, the loss widened to 283 points, hitting a low of 23,317. By midday, the index was down 235 points, or 1%, at 23,366. The China Enterprises Index dropped 109 points, or 1.3%, to 8,474. The Hang Seng Tech Index fell 69 points, or 1.3%, to 5,177. Total market turnover for the morning session was HKD 127.707 billion. BYD (1211) initiated another round of price cuts, putting pressure on auto stocks. BYD shares dropped 7.7%.

Source: KGI Investment Products and Solutions Department

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