Market Roundup

The Federal Reserve cut interest rates by 25 basis points, and the market is waiting for information to be announced after the closing of the NPC Standing Committee meeting. The Hang Seng Index opened 246 points higher, initially rising 402 points to 21,355 points, then falling back, the market fell 185 points or 0.9% at midday, closing at 20,767 points; the China Enterprises Index fell 72 points or 0.96% to 7,474 points; the Hang Seng Tech Index rose 5 points or 0.12% to 4,683 points. The total market turnover at midday was HKD 141.185 billion. HSBC reduced its prime rate, but local real estate stocks remained under pressure, with New World Development (17) falling 1.7%. On the other hand, XPeng (9868) received over 10,000 orders for its P7+ cars, and its stock price rose 16%.

Source: KGI Investment Strategy

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