Market Roundup

Market expectations of a more aggressive Federal rate cut boosted both overseas and Hong Kong stock market. The HSI opened 104 points higher and extended gains, rising 308 points, or 1.2%, to 26,246 at mid-day. The HSCEI Index rose 112 points, or 1.2%, to 9,354, while the HSTECH rose 104 points, or 1.8%, to 5,933. Market turnover totaled HK$169.61bn at the mid-day. Alibaba (9988) surged 2.1% after its focus on offline shopping and Dianping.com boosted its ranking on the "Amap shopping" list. Meituan (3690) rebounded 3.3%, while e-commerce rival JD.com (9618) also rose 4.6%.

Source: KGI Investment Products and Solutions Department

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