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

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