Market Insight

Market Roundup

The federal interest 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 320 points, or 1.9%, to 16,863 points throughout the day; the H-Share Index rose 101 points, or 1.7%, to 5,905 points; the Hang Seng Technology Index rose 31 points, or 0.9%, to 3,583 points . The total daily turnover of the market was HK$118 billion. Tencent (700)'s performance was in line with expectations and it announced that its buybacks would at least double to 100 billion. The stock price rose 0.8% to HK$291.2. Although Kuaishou (1024)'s performance exceeded expectations, its stock price still fell 1.9% to HK$51.25. On the contrary, Meituan (3690), which will announce its results tomorrow, took the lead in rose nearly 4% today to HK$92.3.

Source: KGI Asia Investment Strategy

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