According to the investment director of Macro Link Asset Management, Guo Jiayao, the US stock market fell significantly on Wednesday (24th), disappointing the market with corporate performance, causing investors to take profit at highs. All three major indices recorded significant declines at the close. The US dollar fluctuated steadily, and the yield on 10-year US Treasury bonds rose to 4.26 basis points. Gold prices fell and oil prices trended downward. Hong Kong stock pre-depository securities generally fell, and it is expected that the broader market will open low.
The mainland stock market fell yesterday, with the Shanghai Composite Index opening high and closing low, down 0.5% at the close. The trading volume of the Shanghai and Shenzhen stock markets further shrank.
The performance of the Hong Kong stock market was weak, and the index lost the bull-bear boundary level and hit a low in recent months. The overall trading volume remained light. Investors are worried about the macroeconomic prospects of the mainland, and the overall trend of the market is downward. The index is expected to test the support at 17,000 points, and the resistance above is at the level of 17,800 points.
Fast Retailing (06288.HK) reported a profit of 31.2838 billion yen in the first three quarters, a year-on-year increase of 31.16%, with revenue of 2.37 trillion yen, a year-on-year increase of 10.4%. Operating profit was 401.803 billion yen, a year-on-year increase of 21.55%. The company did not pay a quarterly dividend for the third quarter, but predicted an annual year-end dividend of 225 yen per share, along with a second quarter interim dividend of 175 yen per share, and a total of 400 yen per share for the year. Fast Retailing raised its full-year performance forecast and predicted a full-year profit of 365 billion yen, up 14.05% from earlier predictions. Revenue forecast was also raised by 1.32% to 3.07 trillion yen; operating profit forecast was raised by 5.56% to 475 billion yen. Fast Retailing's brands are popular among consumers due to their high cost performance, and the future performance outlook remains optimistic.
(The author is a licensed person of the SFC, and neither he nor the relevant persons hold the above shares)~