Ben Kwong, chief operating officer at Hong Kong-based KGI Asia Ltd., comments on China’s decision to cut interest rates for the first time since 2008.
Hong Kong stocks fell for a second day before the U.S. Federal Open Market Committee’s announces whether it will pare record stimulus. Tencent Holdings Ltd. drove the benchmark index lower, while city developers climbed.
Chinese stocks trading in Hong Kong rose to the highest level in a month after earnings from Agricultural Bank of China Ltd. to China Mengniu Dairy Co. topped estimates.
"Everybody was expecting this day and now there's some profit-taking on good news, particularly for stocks related to the link program like HKEx and some Chinese securities companies, and A-H premium shares."
- Ben Kwong on Nov 16, 2014