Market Roundup

The Federal Reserve cut interest rates by 25 basis points, and the market is waiting for information to be released after the conclusion of the National People’s Congress Standing Committee meeting. The Hang Seng Index opened 246 points higher. It initially rose 402 points to 21,355 points, but then fell back. The market fell 225 points, or 1.1%, to 20,728 points for the day; the H-Share Index fell 85 points, or 1.1%, to 7,461 points; the Hang Seng Technology Index fell 9 points, or 0.2%, to 4,668 points. The total daily turnover of the market was HK$233.1 billion. HSBC lowered its prime interest rate, but local property stocks were still under pressure, with New World Development (17) falling 1.6%. On the other hand, Xpeng (9868)'s P7+ car orders exceeded 10,000 units, and its stock price rose 14.7%.

Source: KGI Investment Strategy

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