Market Insight

Market Roundup

The Federal Reserve stopped raising interest rates in June as expected by the market, and China's “Retail Sales, Fixed Investment and Industrial” data lower than market expectations. The Hang Seng Index opened 219 points higher at 19,627 point, and the day-to-day increase extended to 421 points or 2.2%, closed at 19,829 point; The China Enterprises Index rose 196 points or 3% to 6,773 point; the Hang Seng Technology Index rose 146 points or 3.6% to 4,198 point. The market's full-day turnover was HK$121.4 bn. Heavy weighted technology stocks performed well, Meituan (3690), Alibaba (9988) and Tencent (700) up 7.8%, 4.5% and 2.7% respectively.

Source: KGI Asia Investment Strategy

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