[ET Net News Agency, 22 April 2026] US President Trump's nominee Warsh demonstrated his
independent style during the hearing, emphasising the independence of formulating monetary
policy and stating that he would never agree even if Trump made demands regarding monetary
policy. In addition, Iranian media reported that Iran officially refused to attend
Wednesday's negotiations, with the focus on the navigation issue of the Strait of Hormuz.
The Iranian ambassador stated that as long as the US ends the maritime blockade, Iranian
representatives will head to Islamabad. Trump subsequently announced that the ceasefire
period would be extended, but the blockade of the Strait of Hormuz would continue during
that period.
The intraday decline of Hong Kong stocks expanded, but support was seen at the 100 day
line (approximately 26,090). HSI reported 26,137 at midday, down 350 points or 1.3%, with
main board turnover exceeding HKD 122.9 billion. HSI China Enterprises Index reported
8804, down 138 points or 1.5%. The market expects Warsh to continue a hawkish style after
taking office. Coupled with the negative factor of Iran's refusal to negotiate, technology
stocks faced selling pressure, and HSI Technology Index reported 4950, down 111 points or
2.2%.

"Kwok Ka Yiu: Hong Kong stocks fluctuation range approximately 1,000 points"

Iran reportedly officially refused to attend the US-Iran talks on Wednesday. US
President Trump stated that the ceasefire period will be extended and the blockade of the
Strait of Hormuz will continue. Brent crude oil once hovered at the 100 dollar mark. HSI
opened 183 points lower this morning at 26303 points, and the midday decline expanded to
over 300 points. Kwok Ka Yiu, the Director of Business Development at Harbour Family
Office, told ET Net News Agency that the market is currently experiencing a slight
correction mainly due to external news. He believes that although the current news front
has deteriorated, the market still regards it as fluctuations within the negotiation
process and it has not yet formed a stalemate, unless the US again demonstrates a
willingness to go to war. Regarding Brent crude oil returning to the 100 dollar level,
Kwok Ka Yiu noted that the market response is still moderate for now; the market will only
reassess the situation if oil prices rise again to the previous 120 dollar level.
Kwok Ka Yiu believes that HSI has accumulated a period of rebound recently, and short
term upside may face resistance near 26,500 points. As for whether it will fall below
26,000, he pointed out that 26,000 points is currently not a very significant
psychological barrier, and it would not be a surprise even if it is briefly lost. However,
judging by the current trend, it is not too difficult for HSI to stay stable at 26,000
points; if it falls further below 26,000, 25,500 points will become a relatively strong
support level.

"ASMPT can be deployed when it corrects to HKD 140"

Chipmaker ASMPT (00522) announced today that for the first quarter ended 31 Mar 2026, it
recorded a profit of HKD 251 million, down 73.7% quarter on quarter but up approximately
2.04 times year on year. Adjusted profit reached HKD 335 million, up 1.24 times and 1.94
times quarter on quarter and year on year respectively, with earnings per share of 78
cents. This was mainly benefited from strong demand driven by AI technology iterations and
the fact that the total new orders for the group's continuing operations far exceeded
expectations.
Kwok Ka Yiu stated that with the continuous flourishing development of AI, market demand
for semiconductors remains strong. The rapid expansion of AI also drives a continuous
increase in upstream demand in the industry, providing support for companies at the
upstream of the supply chain such as ASMPT. Based on the continuous high demand for
related equipment from the AI industry, he expects the orders of such enterprises to
maintain growth and continue to benefit from structural growth, with fundamentals also
expected to receive support.
Kwok Ka Yiu also pointed out that the supply chain risks faced by AI construction
related enterprises this year are relatively controllable. However, ASMPT has recorded a
cumulative increase of over 40% since Apr, and there may be correction pressure in the
short term. Therefore, he suggests waiting for the share price to fall back to around HKD
140 before making a deployment, with the upper resistance level at approximately HKD 165.