Market Roundup

Market expectations for a Fed rate cut next month fueled a three-day winning streak for the DJIA, with Hong Kong stocks following suit. The HSI opened 152 points higher but gains narrowed considerably, closing up 33 points or 0.1% at 25,928. The HSCEI Index rose 4 points to 9,162, and the HSTECH gained 6 points or 0.1% to 5,618. Total market turnover reached HK$207.08bn. Alibaba (9988) shares fell 1.9% after management projected a slowdown in e-commerce customer management revenue growth. Meituan (3690) and JD.com rose 5.6% and 2.1% respectively, with the market believing that Alibaba's halved unit losses in its instant retail business by mid-December compared to July and August were beneficial to them.

Source: KGI Investment Products and Solutions Department

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