Market Roundup

The Fed maintained its forecast of two rate cuts this year. The DJIA rose 383 points or 0.9% last night, but Hong Kong stock market fell today. The HSI opened 17 points lower and then widened its losses, falling 293 points or 1.2% to 24,477 at mid-day; the HSCEI fell 108 points or 1.2% to 9,055; and the HSTECH fell 101 points or 1.7% to 5,939. The total market turnover for mid-day was HK$157.51bn. Tencent (0700)'s quarterly results exceeded consensus, but its share price still fell 2.6% at mid-day. Kingsoft Cloud (3896)'s full-year loss narrowed to RMB1.97bn, up 3.1%.

Source: KGI Investment Strategy

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