Market Roundup

Half Day Roundup

The market is waiting to see Fed Chairman Powell's speech on the rate cut roadmap this week. Hong Kong stock market fell in the morning market, dragged down by JD.com (9618). The HSI opened 197 points lower and then narrowed its losses, falling 165 points or 1% at mid-day to 17,345; the HSCEI fell 74 points or 1.2% to 6,121; the HSTECH fell 71 points or 2.1% to 3,426. The total mid-day market turnover was HK$51.80bn. It was rumored that Wal-Mart sold shares in JD.com for up to US$3.74bn, and JD.com's stock price fell 10.3% at mid-day. The market is worried that Kuaishou (1024)’s e-commerce merchandise transaction growth forecast is lower than the company’s guidance, and its stock price fell 10%. Sunny Optical (2382)'s interim net profit increased by 1.47x and its gross profit margin increased. The stock price rose 9.2%.

Source: KGI Investment Strategy

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