Market Roundup

The U.S. core PCE was lower than market consensus, which made the market expect that the rate cut next year will not be too bad. Hong Kong stock market rose in the morning today. The HSI opened 122 points higher and was able to maintain its upward trend, rising 162 points or 0.8% today to close at 19,883; the HSCEI rose 69 points or 1% to close at 7,213; the HSTECH rose 13 points or 0.3% to close at 4,457. The total mid-day market turnover was HK$127.30bn. Mainland banking stocks generally rose, with the six major state-owned banks rising between 2.4% and 5.0%. WeChat store-related stocks continued to perform well, and WEIMOB (2013) stock price fell 3.5% today.

Source: KGI Investment Strategy

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