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<H Shrs>HSI Rallies 174 Pts at Midday; XIAOMI-W Swells 4%; SUNAC Plummets 21%
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The Hong Kong stock market rallied in the morning session. The HSI opened 185 points higher, peaking at 20,783 with a surge of 496 points in the early session. It ended the midday at 20,460, up 174 points or 0.86% The HSCEI climbed 68 points, or 0.95%, to 7,336. The HSTECH grew 60 points, or 1.3%, to 4,462. The total market turnover for the half-day amounted to $107.746 billion. Techs performed positively across the board. XIAOMI-W (01810.HK) surged 4% to $23.6. JD-SW (09618.HK) swelled 2.5%. MEITUAN-W (03690.HK) and BABA-W (09988.HK) added 1.7%. BIDU-SW (09888.HK) and TENCENT (00700.HK) inclined 1.3% and 1%. In addition, CHINASOFT INT'L (00354.HK) and GDS-SW (09698.HK) jumped up by 7.6% and 7%. KINGDEE INT'L (00268.HK) and SENSETIME-W (00020.HK) rose 4.8% and 4%. Chip stock SMIC (00981.HK) and smartphone component stock AAC TECH (02018.HK) ascended 3.1% and 3.2%. Chinese developers caved under pressure. SUNAC (01918.HK) plans a top-up placing at a discount of nearly 20% to raise $1.19 billion in net proceeds. Its stock price plunged 21%. R&F PROPERTIES (02777.HK) and SHIMAO GROUP (00813.HK) cascaded 17% and 14%. KWG GROUP (01813.HK), AGILE GROUP (03383.HK), LONGFOR GROUP (00960.HK), SEAZEN (01030.HK), CHINA VANKE (02202.HK), SINO-OCEAN GP (03377.HK), and CIFI HOLD GP (00884.HK) shed 9-12%. Building material stocks BBMG (02009.HK), CNBM (03323.HK), and MAANSHAN IRON (00323.HK) also slid 2.5-3.3%. Regarding Chinese insurers, CHINA LIFE (02628.HK) forecasted its 1-3Q net profit to grow 1.65-1.85 times YoY. Its stock price soared 2.6%. CHINA TAIPING (00966.HK) spiked 3.5%. Brokers CGS (06881.HK) and HAITONG SEC (06837.HK) gained 2.9% and 2.8%. Financial stocks HSBC HOLDINGS (00005.HK), HKEX (00388.HK), and AIA (01299.HK) edged up 0.2-0.7%. AAStocks Financial News |
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