Market Roundup

Market Roundup

The Fed have announced the 50bps cut rates which was more than consensus, and Hong Kong stock market rose repeatedly today. The HSI opened 26 points lower and then rose 411 points, rising 353 points or 2% today to close at 18,013; the HSCEI rose 129 points or 2.1% to close at 6,305; the HSTECH rose 114 points or 3.3% to close at 3,651. The total daily market turnover was HK$148.76bn. Spurred by rate cut, mainland property stocks generally performed well. CRL (1109) rose 7.8%, becoming the best-performing blue chip stock. Home appliance stocks Midea (0300) and Haier Smart Home (6690) rose 8.7% and 7.7% respectively.

Source: KGI Investment Strategy

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