Market Roundup

The Fed maintained its forecast of two rate cuts this year. The DJIA rose 383 points or 0.9% last night, but Hong Kong stock  market fell today. The HSI opened 17 points lower and then widened its losses, falling 551 points or 2.2% to close at 24,219; the HSCEI fell 213 points or 2.3% to close at 8,950; and the HSTECH fell 204 points or 3.4% to close at 5,836. The total daily market turnover was HK$294.9bn. Tencent (0700)'s quarterly results exceeded consensus but its share price still fell 3.8% today. Sporting goods stocks fell, with Xtep (1368), Anta (2020), Li Ning (2331) and Topsports (6110) falling between 4.8% and 5.4%.

Source: KGI Investment Strategy

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