1000 GMT - Hong Kong Exchanges & Clearing is likely to see higher average daily turnover through 2026 as market sentiment recovers, Citi Research analyst Michael Zhang says in a note. Citi raises its target price on the stock to HK$410 from HK$370 after its 4Q results, lifting its estimates for average daily turnover by 5%-12% for 2025 and 2026. Trading activity so far this year remains well ahead of consensus estimates, Citi notes, adding that 4Q results were broadly in line with market expectations. HKEX's derivatives segment showed resilience, while cash trading remained robust, including stock listing fees, Zhang says. Key downside risks to the share price would be easing trading volume, halts in the IPO market growth and rising geopolitical risks, Zhang adds. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
February 27, 2025 05:00 ET (10:00 GMT)
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