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Listen "Weekly Markets Update 27| The NBV Dip, Crackdown on Chinese Tech Companies and Asian Markets on the Red"
Episode Synopsis
In this episode, the Hisa Team discusses the bear trend in Asian markets following the DiDi crackdown, events around the NBV stock and things driving the local stock market.
Highlights:
The Chinese government is intensifying the fight against tech companies, alleging that they have misused their clients' data, running Chinese markets red. The low Chinese markets follow an earlier crackdown on DiDi post listing. The Shanghai Composite index fell by 2.55% at market open, Shenzen component down 3.53% and the China A50 down 4.89%. Investors filed a class-action suit against didi for defying the Chinese Cyberspace administration after losing money in the IPO. Didi has declined by 52% since IPO, losing up to $2 billion in market valuation. NASI gained 0.12%, closing at 178.98 bp. NSE 20 and NSE 25 gained 0.49% and 0.17%. YTD gains for the two indices are 6.08% and 19.9%, respectively. Turnover rose by 0.36%, with Ksh 1.84 billion worth of shares traded. Volumes declined by 13.4%, with 48.7 million shares traded. NBV was the top loser decline 17.2% closing the week at Ksh 9.60. Express Kenya fell 8.4%, closing at Ksh 4.03. On the gainer's side, Liberty Kenya rose 22.5%, while EAPC rose to 8.68 Ksh. Total Kenya will pay its dividends on 31 July.
Highlights:
The Chinese government is intensifying the fight against tech companies, alleging that they have misused their clients' data, running Chinese markets red. The low Chinese markets follow an earlier crackdown on DiDi post listing. The Shanghai Composite index fell by 2.55% at market open, Shenzen component down 3.53% and the China A50 down 4.89%. Investors filed a class-action suit against didi for defying the Chinese Cyberspace administration after losing money in the IPO. Didi has declined by 52% since IPO, losing up to $2 billion in market valuation. NASI gained 0.12%, closing at 178.98 bp. NSE 20 and NSE 25 gained 0.49% and 0.17%. YTD gains for the two indices are 6.08% and 19.9%, respectively. Turnover rose by 0.36%, with Ksh 1.84 billion worth of shares traded. Volumes declined by 13.4%, with 48.7 million shares traded. NBV was the top loser decline 17.2% closing the week at Ksh 9.60. Express Kenya fell 8.4%, closing at Ksh 4.03. On the gainer's side, Liberty Kenya rose 22.5%, while EAPC rose to 8.68 Ksh. Total Kenya will pay its dividends on 31 July.
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