Market Insight

Half Day 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 closed at 16,238 at mid-day, down 10 points or 0.1%; the HSCEI was flat at 5,744; the HSTECH fell 6 points or 0.2% to 3,331. point. The total half-day turnover of the market was HK$50.66bn. Galaxy Entertainment (0027) was downgraded by  major banks and fell 5.3% at mid-day. Heavyweight technology stocks generally fell, with Tencent (0700) and Alibaba (9988) falling 0.3% and 1% respectively.

Source: KGI Asia Investment Strategy

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