Hong Kong Stocks Soar Ahead of Expected Fed Rate Cut; Midea Surges 9% on Debut

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Hong Kong Stocks Soar Ahead of Expected Fed Rate Cut; Midea Surges 9% on Debut

South China Morning Post2024-09-17

Hong Kong stocks jumped to a two-week high as local developers rallied ahead of an expected rate cut from the Federal Reserve, as appliance maker Midea Group surged on its trading debut.

Midea shares rose 8.85 per cent to HK$59.65 in their Hong Kong trading debut. It was the city’s largest initial public offering (IPO) in more than three years.

The Hang Seng Index added 1 per cent to 17,615.93 as of 10.38am local time, its highest level since September 3, while the Tech Index gained 0.65 per cent. Mainland markets are closed for a holiday.

Elsewhere, food delivery platform Meituan jumped 1 per cent to HK$127.80, personal computer giant Lenovo gained 0.53 per cent to HK$9.45 and electric vehicle company Li Auto added 2.56 per cent to HK$76.15.

CK Asset Holdings jumped 4.4 per cent to HK$32.15 and Henderson Land climbed 2.5 per cent to HK$24.4, leading gains among Hong Kong developers ahead of the Fed’s rate decision.

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bossfantasy
·2024-09-17
great news
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