Market Insight

Market Roundup

Federal Reserve Chairman Powell expressed dovish stance, and the three major U.S. indexes all performed well. Following external performance, the Hang Seng Index opened 157 points higher at 17,629 points. The index performance further expanded to a rise of 360 points or 2.1% to 17,832 points throughout the day; the HSCEI Index rose 121 points or 1.9% to 6,372 points; the Hang Seng Technology Index rose 96 points or 2.7%, reported at 3,696 points. The total daily turnover of the market was HK$100.4 billion. Xpeng (9868) launched its new smart model P7+, and its stock price rose 11.6% to HK$33.05. In addition, power stocks continued to retreat, with China Resources Power (836) and China Power (2380) fell 1.9% and 3.0% respectively.

Source: KGI Asia Investment Strategy

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