Market Insight

Market Roundup

The Fed announced a rate hike of 25 basis points, and Powell ruled out the possibility of a short-term rate cut. The three major US indexes turned from rising to falling. The market reopened after China’s Golden Week holiday. The Hang Seng Index opened slightly lower today by 3 points, at 19,696, and rose 200 points or 1% in half a day to 19,899 point; the H-Share Index rose 105 points or 1.6%, to 6,694 point；Hang Seng Technology index rose 23 points or 0.6% to 3,858 point. The market's half-day turnover was HK$ 53.4 bn. U.S. bank stocks continued to suffer, and gold prices continued to rise. SPDR Gold ETF (2840) rose 1.3% to HK$1,489. For gold mining stocks, Zijin Mining (2899) rose 1.8% to HK$13.86.

Source: KGI Asia Investment Strategy

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