Market Roundup

The Federal Reserve cut interest rates by 0.25% as expected, and the dot plot indicates only two rate cuts next year. The Hang Seng Index closed at 19,666 points at midday, down 198 points or 1.0%. The Hang Seng Tech Index reported 4,409 points, down 58 points or 1.3%. The China Enterprises Index fell 63 points or 0.9% to 7,117 points. The total market turnover for the half-day was HKD 65.4 billion. Hong Kong real estate stocks declined, with Henderson Land (12) down over 3%, Sun Hung Kai Properties (16) and Sino Land (83) both down over 2%. HERBS GROUP (2593), first trading day, saw its stock price rise 22.6% to HKD 4.6.

Source: KGI Investment Strategy

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