Market Roundup

Federal Reserve Chairman Powell hinted at a possible rate cut in September, prompting a significant rise in Hong Kong stock market in the morning. The HSI opened 267 points higher and then extended gains, rising 527 points, or 2.1%, to 25,866 at mid-day. The HSCEI rose 186 points, or 2.1%, to 9,266, while the HSTECH rose 174 points, or 3.1%, to 5,822. Market turnover totaled HK$225.89bn at mid-day. China Telecom (0728), JD Logistics (2618), and Pop Mart (9992) were added to the HSI. China Telecom and Pop Mart rose 0.8% and 1.4%, respectively, while JD Logistics rose 7.6%. J&T EXPRESS (1519), which will be removed from the H-share Index, fell 2.3%. Oriental Selection (1797) reported a 99.7% drop in full-year net profit and a 14.5% drop in its share price.

Source: KGI Investment Products and Solutions Department

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