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<H Shrs>HSI Closes 237 Pts Higher; Developers Thrive; NEW WORLD DEV Surges 5%+
Recommend 111 Positive 176 Negative 93 |
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Amid speculation that the Fed will cut interest rates by half a percentage point this week, the Hong Kong market opened lower but closed higher today. The HSI opened 35 points lower but managed to reverse its losses, gaining as much as 293 points at one point to peak at 17,715. It eventually closed the day up 237 points, or 1.4%, at 17,660. The HSCEI rose 85 points, or 1.4%, to close at 6,176. The HSTECH grew 39 points, or 1.1%, to close at 3,536. Southbound Stock Connect was suspended trading during the Mid-Autumn Festival holiday in mainland China. The total trading volume of Hong Kong stocks for the whole day reached $63.078 billion. The prospect of a rate cut supported developers. WHARF REIC (01997.HK) and CK ASSET (01113.HK) climbed 3.9% and 4.4% respectively. NEW WORLD DEV (00017.HK) soared 5.5%. Utility stocks HK & CHINA GAS (00003.HK) and HKELECTRIC-SS (02638.HK) advanced 2.5% and 1.7%. As gold prices were high, ZIJIN MINING (02899.HK), ZHAOJIN MINING (01818.HK), and CHINAGOLDINTL (02099.HK) added 2.2-2.6%. Oil prices swelled over 2%. PETROCHINA (00857.HK) and CNOOC (00883.HK) rose 2%. SINOPEC CORP (00386.HK) initiated its first buyback, raising its stock price by 2.3%. CHINA UNICOM (00762.HK) also grew 2.1%. As for tech stocks, MEITUAN-W (03690.HK) and XIAOMI-W (01810.HK) gained 1.7% and 1.5%. BABA-W (09988.HK), TENCENT (00700.HK), JD-SW (09618.HK), BIDU-SW (09888.HK), BILIBILI-W (09626.HK), and KUAISHOU-W (01024.HK) increased by 0.5-1.1%. In addition, JD HEALTH (06618.HK), GDS-SW (09698.HK), and ALI HEALTH (00241.HK) hiked 3.1-3.6%. SENSETIME-W (00020.HK) and EAST BUY (01797.HK) escalated 2.8% and 2.7%. Even though Apple (AAPL.US) released iOS 18 without Apple Intelligence, Apple concept stocks SUNNY OPTICAL (02382.HK) and Q TECH (01478.HK) swelled 1% and 1.2%. AAStocks Financial News |
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