Market Insight

Market Roundup

Federal Reserve Chairman Powell's testimony at the Senate hearing remained neutral on rate cuts roadmap. Hong Kong stock market fluctuated downward today. The HSI rose 242 points after opening 90 points higher, but the gain narrowed significantly in the afternoon and then fell. It fell 51 points or 0.3% today to close at 17,471; the HSCEI fell 24 points or 0.4% to close at 6,251; the HSTECH closed nearly flat at 3,600 today. The total daily turnover of the market was HK$102.34bn. The central government plans to support self-driving cars for ridesharing, and Baidu (9888) rose 10.1% today. Ganfeng Lithium (1772) issued a profit warning, but its stock price fell first and then recovered, rising 1.8% today.

Source: KGI Asia Investment Strategy

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