Market Insight

Half Day Roundup

The federal fund rate dot plot maintains a full-year rate cut of 75 basis points. The Hang Seng Index opened 220 points higher, at 16,763 points, and rose 289 points, or 1.7%, in half a day, to 16,832 points; the H-Share Index rose 90 points, or 1.6%, to 5,894 points; the Hang Seng Technology Index rose 30 points, or 0.8%, to 3,581 point. The total half-day turnover of the market was HK$67.9 billion. Tencent (700)'s performance was in line with expectations and it announced that its shares buybacks would at least double to 100 billion. The stock price rose 1% to HK$291.8. Although Kuaishou (1024)'s performance exceeded expectations, its stock price still fell 1.2% to HK$51.6. On the contrary, Meituan (3690), which will announce its results tomorrow, took the lead in rising nearly 4% today to HK$92.35.

Source: KGI Asia Investment Strategy

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