Market Insight

Market Roundup

The Federal Reserve stopped raising interest rates in June as expected by the market, and China's “Retail Sales, Fixed Investment and Industrial” data lower than market expectations. The Hang Seng Index opened 219 points higher at 19,627 points, the half-day gain narrowed to 161 points or 0.8% to 19,569 points; the China Enterprises Index rose 89 points or 1.4% to 6,666 points; the Hang Seng Technology Index rose 74 points or 1.8% , reported at 4,126 points. The market's half-day turnover was HK$ 52.5 bn. Heavy weighted technology stocks performed well, Meituan (3690), Alibaba (9988) and Tencent (700) rose 3.7%, 2.6% and 1.3% respectively

Source: KGI Asia Investment Strategy

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