The U.S. Federal Reserve maintained its expectation of three interest rate cuts this year. Hong Kong stocks performed well on the expectation of interest rate cuts. The Hang Seng Index’s gain once expanded to more than 400 points, and interest rate-sensitive stocks were strong.
The Hang Seng Index opened 219 points higher at 16762. As soon as the market opened, it once again crossed the 10-day moving average (now at 16753), the 20-day moving average (now at 16637), and the 100-day moving average (now at 16604). Later, the increase expanded, reaching a maximum of 430 points. , reaching a high of 16973, covering all the gaps in last Friday’s decline. As of 10:30 a.m., the Hang Seng Index was at 16906, up 363 points or 2.2%.
The H-Share Index rose 123 points or 2.1% to 5,927.
The S&P Index rose 58 points, or 1.6%, to 3,609.
Blue-chip stocks performed well across the board, with 78 of the 82 blue-chip stocks rising. Interest rate sensitive stocks gained significantly.
Longfor (00960) recently rose 8.7% and is currently the best performing blue chip; COLI (00688) rose 7.9%; China Resources Land (01109) rose 6.6%.
Local real estate stocks were also favored. Henderson Land (00012) and Cheung Kong Holdings (01113) rose 4.8% and 3.1% respectively before the results; New World Development (00017) rose 3.6%; Hang Lung Properties (00101) rose 3.7%.
Tencent (00700) increased its dividend and announced a 100 billion buyback this year, and its latest share price rose 2.2%.
Gold gained popularity amid expectations of interest rate cuts. New York gold futures rose more than 1.3% last night, Zijin Mining (02899) rose 3.7%; Lingbao Gold rose 3.9%; Zhaojin (01818) rose 5.5%; Shandong Gold (01787) rose 5 %.