Hong Kong’s equity market remained flat on Thursday morning as the market pinned its hopes on interest rate cuts by the US Federal Reserve.

Following a gain of more than 600 points on Wednesday, the city’s stock market index opened 152 points higher in the Thursday morning trading session at one time surpassing the highest level since October 2021, before the gains were gradually narrowed.

The equity market benchmark, the Hang Seng Index, dipped 0.06 percent higher at 25,597 on a turnover of more than HK$162.8 billion ($20.87 billion).

The Hang Seng China Enterprises Index — a barometer of Chinese mainland companies — edged up 0.18 percent to finish at 9,166 points, while the city’s technology stock gauge, the Hang Seng TECH Index, down 0.45 percent to close at 5,605 points.

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Tencent Holdings closed 1.3 percent higher and at one point surpassed HK$600 per share. The mainland technology titan posted a better-than-expected non-International Financial Reporting Standard net profit growth for the second quarter, and the company has predicted faster growth in the second half of the year.

Ahead of a profit announcement, JD.com shed more than 1.49 percent. And even though Lenovo Group’s annual net profit more than doubled, the company share price tumbled 3.55 percent.

Mainland-based property companies fared better. China Overseas Holdings hiked 2.8 percent, China Resources Land rose 3.1 percent, Yuexiu Property Company rallied 0.8 percent, and Longfor Properties gained 0.75 percent.

Dah Sing Bank said it believes there is little chance of a Fed rate cut at the September meeting, and there may only be one rate cut in the fourth quarter. “The final pace of rate cuts will still depend on whether the data in the next few months will further weaken as well as how tariffs will affect price trends.”