Market Insight

Market Roundup

Federal Reserve Chairman Powell said they were no rush to cut interest rates while US stock markets had mixed trends last night. Hong Kong stock market fluctuated today. The HSI opened 23 points lower, then rose 67 points and then fell 81 points. It rose 2 points to close at 16,251 today with 161 points trading range; the HSTECH was at 3,340, up 2 points or 0.1%; the HSCEI rose 5 points or 0.1% to 5,749. The market turnover was HK$99.19bn. Galaxy Entertainment (0027) was downgraded by a major banks and fell 7.1% today. Heavyweight technology stocks generally fell, with Tencent (0700) and Alibaba (9988) falling 0.3% and 0.7% respectively.

Source: KGI Asia Investment Strategy

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