Market Roundup

Half Day Roundup

After the Fed fund rates cut by 50 bps on Thursday while Hong Kong's major banks followed suit by cutting the prime rate by 25 bs, Hong Kong stock market continued to perform well today. The HSI opened 56 points higher and expanded its gains, rising 261 points or 1.5% at mid-day to 18,275; the HSCEI rose 92 points or 1.4% to 6,397; the HSTECH rose 65 points or 1.8% to 3,717. The total mid-day market turnover was HK$90.96bn. It is rumored that Kuaishou (1024) shareholders sold their shares at a discount, and the stock price fell 1% today. It was rumored that the EU would delay its vote on imposing additional tariffs on Chinese electric vehicles. Electric vehicle stocks rose collectively, with Xpeng (9868) and Geely (0175) rising 8% and 6%.

Source: KGI Investment Strategy

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