---
title: "【True Insight Hong Kong Stocks Experts】Gold price hits another record high, oil price continues to rebound from low levels"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/23883817.md"
description: "Hong Kong stock market trends and analysis: U.S. stocks performed well last Friday as the market anticipated aggressive interest rate cuts by the Federal Reserve. The market opened higher and continued to expand, with all three major indices closing in positive territory. The U.S. dollar weakened, and the yield on the 10-year U.S. Treasury note fell to 3.65%. Gold prices hit another all-time high, while oil prices continued to rebound from lows. Hong Kong's pre-market depositary receipts were generally lower, suggesting a weak opening for the local market. Mainland stocks fell last Friday, with the Shanghai Composite Index opening higher but closing down 0.5%. Trading volume remained subdued in both Shanghai and Shenzhen. Hong Kong stocks fluctuated but ultimately edged higher last Friday, with the index briefly reclaiming the 50-day moving average before softening in line with mainland markets..."
datetime: "2024-09-16T01:38:40.000Z"
locales:
  - [en](https://longbridge.com/en/topics/23883817.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/23883817.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/23883817.md)
author: "[真灼财经](https://longbridge.com/en/profiles/1067948.md)"
---

# 【True Insight Hong Kong Stocks Experts】Gold price hits another record high, oil price continues to rebound from low levels

**Hong Kong Stock Market Trends and Analysis**

U.S. stocks performed well last Friday, as the market anticipated aggressive interest rate cuts by the Federal Reserve. The market opened higher and continued to expand its gains, with all three major indices closing in positive territory. The U.S. dollar weakened, and the yield on the 10-year Treasury note fell to 3.65%. Gold prices hit another record high, while oil prices rebounded from their lows. Hong Kong-listed depositary receipts generally declined, and the market is expected to open lower in early trading. Mainland Chinese stocks fell last Friday, with the Shanghai Composite Index opening higher but closing down 0.5%. Trading volume in both Shanghai and Shenzhen remained subdued. Hong Kong stocks fluctuated positively last Friday, with the index briefly reclaiming the 50-day moving average before softening in line with mainland stocks. Overall trading volume remained light. Tech stocks led the market higher, but concerns about the macroeconomic outlook persisted, with cyclical stocks underperforming and dragging the market down. The index is expected to remain range-bound in the short term, fluctuating between 17,000 and 17,800 points.

**Industry News**

$TOPSPORTS(06110.HK) recently issued a profit warning, forecasting a 35% year-on-year decline in interim net profit. The group attributed the decline to weak macro consumption dragging on the retail environment, with revenue also falling year-on-year. Additionally, slowing demand has significantly impacted offline foot traffic, leading to negative operating leverage and higher sales, distribution, and general administrative expense ratios. Retail discount rates have also deepened year-on-year, resulting in a decline in gross margin. The drop in revenue during the reporting period led to a short-term increase in inventory, prompting the group to ramp up promotional efforts. Online retail discount rates were deeper than offline rates during the same period, and the proportion of online sales increased year-on-year. These two factors combined to deepen the retail discount rate year-on-year, affecting gross margin performance. Earnings reports from several sports-related stocks indicate significant impacts from consumption downgrading. With no improvement in income prospects for mainland residents, the situation is expected to persist, continuing to pressure related stocks.

(The author is a licensed person with the Securities and Futures Commission and does not hold the aforementioned stocks.)

Date: Saturday, September 14, 2024

Investment Director, Convoy Asset Management, CFA Kwok Ka Yiu

### Related Stocks

- [.DJI.US](https://longbridge.com/en/quote/.DJI.US.md)
- [.SPX.US](https://longbridge.com/en/quote/.SPX.US.md)
- [.IXIC.US](https://longbridge.com/en/quote/.IXIC.US.md)
- [06110.HK](https://longbridge.com/en/quote/06110.HK.md)
- [000001.CN](https://longbridge.com/en/quote/000001.CN.md)
- [399001.CN](https://longbridge.com/en/quote/399001.CN.md)
- [02840.HK](https://longbridge.com/en/quote/02840.HK.md)
- [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md)