Market Roundup

Market Roundup

The Fed released dovish statement yesterday and is expected to rate cut next year, which will lead to a rebound in Asian stock markets. Hong Kong stock market rose in the morning. The HSI opened 190 points higher and then expanded its gains to 349 points, but profit-taking later occurred. The index rose 173 points, or 1.07%, to close at 16,402 today; the HSCEI rose 22 points, or 0.4%, to close at 5,573; the HSTECH rose 12 points, or 0.3%, to close at 3,698. The total daily turnover of the market was HK$102.24bn. Benefiting from expectations of interest rate cuts, local property stocks generally rose, with SHKP (0016) and Henderson Land (0012) rising 3.4% and 3.4% respectively. Utility stocks recorded gains, with Town Gas (0003) and Hong Kong Electric (2638) rising 4.6% and 5.4% respectively. Country Garden (2007) sold 1.79% stake in Zhuhai Wanda Commercial Management, and its stock price rose 1.3%.

Source: KGI Asia Investment Strategy

The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.