Market Roundup

Hong Kong stocks performed well today, fueled by market expectations of a Federal Reserve rate cut next month. The HSI opened 206 points higher and extended gains, rising 470 points, or 1.9%, to 25,439 at mid-day. The HSCEI rose 165 points, or 1.9%, to 9,082, while the HSTECH rose 127 points, or 2.3%, to 5,506. Market turnover totaled HK$143.8bn. Tencent Music (1698) reported a 37% increase in adjusted net profit for the second quarter, beating market expectations. Its share price rose 15.2%. Its peer NetEase Cloud Music (9899) also surged 8.3%. Key technology stocks performed well today, with Tencent (0700) and Alibaba (9988) rising 3.1% and 4.4%, respectively.

Source: KGI Investment Products and Solutions Department

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