Market Roundup

Federal Reserve Chairman Powell hinted at a possible rate cut in September, sending Hong Kong stock market sharply higher in morning. The HSI opened 267 points higher and extended gains, closing up 490 points, or 1.9%, at 25,829. The HSCEI rose 168 points, or 1.9%, to 9,248, while the HSTECH rose 177 points, or 3.2%, to 5,825. Total market turnover rose to HK$369.7bn. China Telecom (0728), JD Logistics (2618), and Pop Mart (09992.HK) were added to the HSI. China Telecom and Pop Mart rose 0.8% and 1.9%, respectively, while JD Logistics rose 7.4%. Oriental Selection (1797) reported a 99.7% drop in full-year net profit, leading to a 12.9% drop in its share price.

Source: KGI Investment Products and Solutions Department

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