Market Insight

Market Roundup

The Federal Reserve announced that it would not raise interest rates this time as expected by the market, but the interest rate dot plot showed that the pace of interest rate cuts next year would slow down. Hong Kong stocks continued to be weak today. The Hang Seng Index opened 89 points lower, and the decline intensified after opening at 17,795. It fell 234 points or 1.3% in half a day to 17,651 points. The China National Index fell 85 points or 1.4% to 6,096 points. The Hang Seng Technology Index fell 85 points or 2.16% at 3,837 points. The market turnover was HK$ 42.3 bn. Major technology stocks were under pressure with Meituan (3690), Tencent (700) and Alibaba (9988) falling between 2-3%. In addition, Chinese telecommunications stocks continued to outperformed the market, with China Mobile (941) rising 1% with record high.

Source: KGI Asia Investment Strategy

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