Market Roundup

The U.S. inflation figure in November was in line with consensus. The market is expecting the Fed to cut interest rates by 25bps in December. Hong Kong stock market rose today. The HSI opened 58 points higher and expanded its gains, rising 242 points or 1.2% today to close at 20,397; the HSCEI rose 110 points or 1.5% to close at 7,360; the HSETCH rose 69 points or 1.5% to close at 4,600. The total daily market turnover was HK$157.75bn. Domestic demand stocks generally rose today, with stocks such as Jiu Maojiu (9922), China Resources Beer (0291) and Mengniu (2319) rising between 3.9% and 7.8%. News indicated that HSBC (0005) is promoting organizational restructuring and aims to save at least US$3bn. The stock price rose 0.7% today.

Source: KGI Investment Strategy

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