Hong Kong Stocks End Higher Tuesday as Markets Anticipate Fed Rate Cut; Dahon Tech Debuts In Hong Kong
Hong Kong stocks ended higher Tuesday as markets increasingly priced a possible rate cut in the U.S., which could prompt investors to funnel investments towards Asia.
The Hang Seng Index gained 304.22 points, or 1.19%, to 25,938.13, while the Hang Seng China Enterprises Index rose 120.74 points, or 1.32%, to 9,242.40.
Some analysts, including those in FedWatch and Standard Chartered, predict that the Federal Reserve will trim rates by between 25 basis points and 50 basis points, or from 0.25 percentage point to 0.50 percentage point. The Fed will announce the results next week.
Meanwhile, some analysts reportedly expect Hong Kong stocks to catch up with returns in China's onshore markets, which hit a decade high last month, the South China Morning Post reported.
In corporate news, Dahon Tech (Shenzhen) made its debut in Hong Kong. The China-based folding bicycle retailer closed at HK$56.80 per share, compared with the IPO price of HK$49.50.
Elsewhere, the prospects of US approval for Akeso and Summit Therapeutics' ivonescimab lung cancer drug reportedly appear to be dimming after analysts identified discrepancies in its latest findings.
New data released showed North American and European patients lived longer on the drug, but the results failed to impress analysts.
Akeso shares closed nearly 1% lower.
Source: MT Newswires
