Market Roundup

Market Roundup

The Federal Reserve announced that it would not raise interest rates this time as expected by the market, but the interest rate dot plot showed that the pace of interest rate cuts next year would slow down. Hong Kong stocks continued to be weak today. The Hang Seng Index opened 89 points lower, and the decline intensified after opening at 17,795. It fell 230 points, or 1.3%, to 17,655 points throughout the day; the H-Share Index fell 82 points, or 1.3%, to 6,099 points; the Hang Seng Technology Index fell 72 points, or 1.85% at 3,849 points. The total daily turnover of the market was HK$ 77.4 bn. Major technology stocks under pressure, with Meituan (3690), Tencent (700) and Alibaba (9988) fell between 2-3%. In addition, Chinese telecommunications stock continued to outperform the market with China Mobile (941) rising 0.5%, a new record high.

Source: KGI Asia Investment Strategy

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