Market Insight | Most Hong Kong utility stocks rise, Power Assets surges over 5% as Fed's September rate cut approaches
Most of the Hong Kong utility stocks are up. As of the time of publication, POWER ASSETS rose by 4.92% to HKD 52.25, CLP HOLDINGS rose by 3.06% to HKD 69.1, HK & CHINA GAS rose by 2.83% to HKD 6.55, and CKI HOLDINGS rose by 2.68% to HKD 53.55. On the news front, overnight, Federal Reserve Chairman Powell sent a dovish signal, hinting at a rate cut as early as September, with the interest rate futures market increasing bets on nearly 3 rate cuts by the Fed this year. Some analysts point out that as the probability of a rate cut in the U.S. in September further increases, the interest rate differential advantage of the utility sector is expected to widen. Coupled with the current low valuation levels, this is expected to support the sector's performance
According to the information from the Wise Finance app, most of the public utility stocks in Hong Kong are rising. As of the time of publication, Power Assets (00006) rose by 4.92% to HKD 52.25; CLP Holdings (00002) rose by 3.06% to HKD 69.1; HK & CHINA GAS (00003) rose by 2.83% to HKD 6.55; CKI Holdings (01038) rose by 2.68% to HKD 53.55.
On the news front, overnight, Federal Reserve Chairman Powell sent a dovish signal, hinting at a rate cut as early as September, with the interest rate futures market increasing bets on nearly 3 rate cuts by the Fed this year. Some analysts point out that as the probability of a rate cut in the U.S. in September further increases, the interest rate differential advantage of the public utility sector is expected to widen. Coupled with the current low valuation, it is expected to support the sector's performance