Market Insight

Half Day Roundup

Federal Reserve Chairman Powell expressed dovish stance, and the three major U.S. indexes all performed well. The Hang Seng Index opened 157 points higher at 17,629 points. The half-day index further expanded to a rise of 269 points, at 17,740 points; the HSCEI Index rose by 90 points, or 1.4%, to 6,341 points; the Hang Seng Technology Index rose by 73 points, or 2.0% at 3,674 points. The total half-day turnover of the market was HK$54 billion. Xpeng (9868) launched its new smart model P7+, and its stock price rose 10.3% to HK$32.65. In addition, power stocks continued to face selling pressure, with China Resources Power (836) and China Power (2380) fell 2.5% and 3.5% respectively.

Source: KGI Asia Investment Strategy

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