Market Roundup

The PBOC lowered the one-year and five-year LPR by 25 bps, a decrease that exceeded market expectations. After opening 73 points lower, the HSI fell as much as 239 points, falling 114 points or 0.6% at mid-day to 20,689; the HSCEI fell 41 points or 0.6% to 7,430; the HSTECH fell 11 points or 0.3 %, reported 4,589. The total mid-day market turnover was HK$107.26bn. Chip stocks rose against the market, with SMCI (0981) and Hua Hong Semiconductor (1347) rising 8.1% and 5.1% respectively. Jiu Maojiu (9922)'s main brand same-store sales fell by 10.3% to 32.5% in the third quarter, and its stock price fell by 4%.

Source: KGI Investment Strategy

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