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The central bank unexpectedly lowered the policy interest rate, stimulating the Hong Kong stock market to stop falling from its low point.
Last week, the Hang Seng Index fell a total of 875 points or 4.8%, reaching the lowest level in nearly three months since April 26; the Hang Seng Tech Index plummeted by 6.5%, dragging down the entire market. However, China's 1-year and 5-year LPRs were lowered by 10 basis points in July, driving a rebound in Hong Kong stocks today, climbing 181 points in the morning. The Hang Seng Index rose 142 points or 0.9% to 17,560 points in the half-day period; the National Index rose 61 points or 1% to 6,226 points; and the Hang Seng Tech Index rose 59 points or 1.7% to 3,596 points. The total turnover of the market in the half-day period was HKD 53.671 billion, and the net inflow of Shanghai and Shenzhen-Hong Kong stocks in the southbound trading was 2.
[Brokerage Focus] Tianfeng securities maintains a "buy" rating on JD.com (9618), expecting the gradual release of consumer demand to drive the company's performance to improve.
Tianfeng Securities released a research report stating that jd.com's self-operated business has a strong barrier to entry, and the POP ecosystem is steadily advancing, and the improvement of user consumption experience is expected to form a benign cycle of stimulating consumer demand. The bank believes that as China's consumer market steadily recovers, the increase in the richness of low-priced supply on the platform may lay the foundation for future breakthroughs in the sinking market and activation of old users. The bank expects jd.com's 2Q24 revenue to rise 0.5% year-on-year to 289.3 billion yuan, with revenue growth under short-term pressure, mainly due to 1) overall weak performance of terminal consumption and 2) the real estate market at the bottom.
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Jd.com (09618) fell by 3.39%. Tianfeng Securities stated that the overall performance of end-consumer consumption is weak, and the company's revenue growth is under short-term pressure.
Jingdong Group (09618) fluctuated and fell, down 3.39% to HKD 102.6 at the time of publication with a trading volume of HKD 0.653 billion. Tianfeng Securities stated that the macroeconomy is steadily recovering, and the income in the second quarter of 2024 is expected to increase slightly year-on-year. From the macro environment, consumer goods retail in H1 2024 showed a steady recovery trend, recovering to 121% of the same period in 2019. The bank predicts that Jingdong Group's Q2 2024 revenue will increase by 0.5% year-on-year to CNY 289.3 billion, but revenue growth is under short-term pressure. This is mainly due to 1) Overall, the performance of terminal consumption is weak, and the real estate market is at the bottom.
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