Hong Kong Stocks Start Week in Green on US Rate-Cut Assurance; CMGE Technology Plunges 6%

MT Newswires Live08-26

Hong Kong stocks started the week in green, rising on Monday as investor confidence got a boost amid renewed assurance that the US Fed is all set to cut rates in its upcoming September meeting.

The Hang Seng Index added 1.06%, or 186.63 points, at 17,798.73. The Hang Seng China Enterprises index rose 0.95%, or 59.39 points, at 6,278.63.

US Federal Reserve chairman Jerome Powell has provided a strong hint for an interest rate cut next month in a US Fed Reserve meeting in Jackson Hole, Wyoming, according to a South China Morning Post article.

"The time has come for policy to adjust," Powell said, adding that the exact timing and pace of the rate cuts will be dependent on economic data as it surfaces, as well as an analysis of risks and evolving outlook.

The Fed's next rate-setting meeting is scheduled to take place on September 17-18.

On the local Asian market front, economists expect China's manufacturing index for August to improve slightly, although the sector is still expected to remain in contraction. Goldman Sachs is forecasting a rise in the index to 49.7 from 49.4 last month.

In corporate news, game developer CMGE Technology Group (HKG:0302) fell 6% as it warned of a loss for the first half of 2024, as compared to a net profit a year prior.

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