HONG KONG ASSET MANAGEMENT INVESTMENT DIRECTOR GUO KAIYAO SAID U.S. STOCKS WERE SIGNIFICANTLY DOWNWARD ON WEDNESDAY (24TH), AS CORPORATE PERFORMANCE DISAPPOINTED MARKETS AND INVESTORS POSTED STRONG GAINS, AND ALL THREE MAJOR INDEXES RECORDED SIGNIFICANT DECLINES. The dollar repeated its strength, with the US 10-year debt rebounding to 4.26pc, gold prices downwards and oil prices sliding. Hong Kong stocks generally fell on expectations that markets would soon follow the periphery lower.

The Mainland stock market fell yesterday, with the Shanghai Composite Index moving higher and falling 0.5% on the closing market, and trading volumes on both markets falling further.

Hong Kong stocks performed weakly as the index broke through the bull line and reached a near-monthly low, and overall trading remained subdued. Investors worried about the Mainland macroeconomic outlook, as the general market moved downwards, expecting the index to try to support 17,000 points below and resistance above the 17,800 point level.

Also, Expedo (06288.HK) reported Q1 profit of 312.838 billion yen, up 31.16% year-on-year, and revenue of 2.37 trillion yen, up 10.4% year-on-year. Operating profit was ¥401.803 billion, up 21.55% year-on-year. The company did not pay a third-quarter dividend, but expects to pay a final dividend of 225 yen per share for the year ending August, with an interim dividend of 175 yen for the second quarter and a total of 400 yen for the whole year. Xinco has adjusted its full-year results forecast to forecast a profit of ¥365 billion, up 14.05% from the previous forecast. Revenue forecasts also rose 1.32% to 3.07 trillion yen and operating profit forecast rose 5.56% to 475 billion yen. The brand under Xino brand is popular with consumers, the products have a high price-performance ratio, and the outlook for future results continues to be optimistic.

(The author is a licensee of the Securities and Exchange Commission, and I and related parties do not own the above shares) ~