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 249 points or 1.3% to 19,949 ; The H-Share Index rose 129 points or 2%, to 6,719; The technology index rose 21 points, or 0.5%, to 3,856 points. The market's turnover was HK$ 105.3 bn. U.S. bank stocks continued to suffer, and gold prices continued to rise. SPDR Gold ETF (2840) rose 1% to HK$1,484. For gold mining stocks, Zijin Mining (2899) rose 0.4% to HK$13.68.

Source: KGI Asia Investment Strategy

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