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HSI Once Sheds 500Pts+ on Lower Rate Cut Expectations; LINK REIT Drifts Lower by ~6% Losing 250MA
Recommend 10 Positive 9 Negative 22 |
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There was marked divergence within the Federal Reserve regarding whether to cut interest rates at the December meeting, leading to lower expectations for rate cuts. The major U.S. stock indices experienced wild volatility overnight (20th). Hong Kong bourse opened 375 points lower this morning (21st) and initially plunged 551 points, bottoming at 25,283. The latest print showed 25,384, down 451 points or 1.7%, with a turnover of HKD80.936 billion. LINK REIT (00823.HK) faced selling pressure after releasing its interim results for the end of September. Following a collapse of 6.4% the previous day, it opened 2.1% lower this morning (21st). With expanded decline, it shattered below the 250MA (about HKD38.4), hitting an over-six-month low of HKD36.46. It last reported at HKD36.52, down 5.88%, with a trading volume of 14.6609 million shares, involving HKD539 million. JPMorgan stated that after Link REIT's DPU dropped 6% YoY in 1HFY26, it was expected that the full-year DPU will decrease by 8% YoY, implying a 10% YoY decline in 2HFY26, partly due to a high comparison base. JPMorgan downgraded the stock from Overweight to Neutral, with a target price axed from HKD48 to HKD38. BofA Securities stated that Link REIT's interim results were below expectations, and while it is in a transition period, its valuation is attractive. The target price was lowered from HKD45 to HKD43, with a Buy rating. AASTOCKS Financial News Website: www.aastocks.com |
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