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<Research>BofAS Reiterates Buy on HKEX (00388.HK) on Recent Shr Correction
BofA Securities issued a report on HKEX (00388.HK), which slid 13% from its May's peak, while the HSI sank 8% over the same period. The broker expected HKEX's 2Q24 earnings to turn up as ADT rose to $126 billion in 2Q24 from $99 billion in 1Q24, with IPOs being key focus.

Approaching 1 July, the Chinese government was expected to unveil more details of previously announced policies to support the Hong Kong market in the next two to three weeks, such as the expansion of the eligible ETFs on Stock Connect , REITs inclusion and RMB Counter launch. Any cut in dividend tax or other policies will be a surprise, which is not in the broker's base case. As HKEX was expected to be a major beneficiary, BofA Securities reiterated Buy rating on HKEX.

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