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GUM: HK Oct MPF Loss $7,953 Per Member; H-shr Rebound Expected to Prompt Satisfactory Performance for Full Yr
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MPF consultant GUM announced the MPF performance for October 2024. MPF members lost $7,953 per capita, and have earned a total of $23,416 year to date. Michael Chan, Managing Director of GUM, pointed out that the Chinese central government's stimulus package has boosted the performance of H- and A-shares, with the local market once peaking at 23,000. Although there was a correction in October, the HSI still managed to stabilize above 20,000. It is now rumored that mainland China plans to issue $10 trillion in bonds. The US economic data has been roughly stable and healthy, and the market generally expects the Federal Reserve to slow down the pace of interest rate cuts, which has strengthened confidence in a "soft landing" for the US economy, Chan analyzed. Given the rebound of Hong Kong stocks, it is expected that the overall performance of MPF will be very satisfactory in 2024. AAStocks Financial News |
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