Market Insight
Half Day Roundup
Fed Chairman Powell made it clear in his Jackson Hole speech that the rate cut roadmap is clear, while Hong Kong stock market rose this morning. The HSI opened 97 points higher and then expanded its gains, rising 143 points or 0.8% at mid-day to 17,756; the HSCEI rose 43 points or 0.7% to 6,262; the HSTECH rose 23 points or 0.7% to 3,492. The mid-day market turnover was HK$47.36bn. Many companies announced their results. Sinopec (0386)'s interim net profit increased by 2.6%, and its stock price rose by 1.2%. East Buy (1797)'s full-year net profit increased by 77%, and its stock price rose by 6.4%. Rate cuts is good for real estate-related stocks, which all rose more than 3%.
Source: KGI Investment Strategy
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.