CK Asset leads gains among HK builders ahead of potential rate cut

Sun Hung Kai Properties

17/09/2024 05:25

** Shares of CK Asset  1113.HK  lead gains among major Hong
Kong property developers, rise 5% to HK$32.35, their biggest
intraday pct gain since July 12
    ** Stock is the second-biggest pct gainer in Hang Seng
Property Index  .HSNP , which is up 2.8%
    ** CK Asset leads Hong Kong property developers in touting
new flat sale ahead of an anticipated interest rate cut, putting
558 units on its south side project on sale next month,
according to an SCMP report
    ** Hong Kong developers are poised to launch at least six
new projects with a total of 2,800 flats in September as they
bet on a more active local property market after the expected
rate cut of at least 25 basis points, SCMP reported 
    ** Hong Kong's monetary policy moves in lock-step with the
United States as the currency is pegged to the greenback in a
tight range of 7.75 to 7.85 per dollar
    ** "The Fed is set to cut interest rates for the first time
since the pandemic. Yet central banks are not heading for an
easy policy stance given sticky inflation," BlackRock Investment
Institute says
    ** Rivals rise with New World  0017.HK  up 3.1% while
Henderson Land  0012.HK  and SHKP  0016.HK  add 2.7% each 
    
        

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))