Changes in Hong Kong stocks | Hengke indicated that the decline increased by more than 5% at the end of the session, and all weighted technology stocks fell sharply, Alibaba-W (09988) fell nearly 6%

The Zhitong Finance App learned that Hengke's decline increased by more than 5% at the end of the session. Among the constituent stocks, all weighted technology stocks fell sharply. As of press release, Alibaba-W (09988) fell 5.94% to HK$98.95; Tencent (00700) fell 5.09% to HK$413.8.

According to the news, the US dollar has continued to strengthen recently due to changes in market expectations about the Fed's interest rate cut prospects. Prior to that, the market once anticipated that the Federal Reserve would cut interest rates by another 50 basis points in November. However, a series of data including employment and inflation quickly cooled down this expectation. Currently, the probability that the Federal Reserve will cut interest rates by 25 basis points in November has risen to 95.6%. Analysts pointed out that if the Federal Reserve's interest rate cuts weaken, the US dollar index is likely to remain strong in stages.

According to Open Source Securities, the upward slope and trading volume of Hong Kong stocks and China during the 2024 National Day holiday exceeded most investors' expectations, and capital was first emptied and then driven by increased institutional allocations. After a sharp rise in the short term, the decline was adjusted to a normal profit; the medium-term financial reform market trend may continue; in the long run, it will still take more than half a year to verify from policy transformation to improvement in fundamental data. If the fundamental reversal logic is implemented and more active long-term capital is returned, the Hong Kong stock market still has plenty of room to rise.