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Hang Seng index surged above 29000 points momentarily.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 118 points and H share index up 42 points. Heavyweights led the market. Tencent rose 0.9% for 29 point gain...
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Hang Seng index surged above 29000 points momentarily.
Analyst : Lun Sheung Nim (CEO)
2017/11/08 09:15
The Hong Kong market opened higher on Tuesday.  Hang Seng index opened up 118 points and H share index up 42 points.  Heavyweights led the market.  Tencent rose 0.9% for 29 point gain in the index.  Geely rose 2.42% to lead the blue chip gainers and contributed 10 point gain.  CNOOC rose 1.6% for 10 point gain.  Ping An rose 0.92% for 10 pint gain. A shares opened up 0.04%.  Shanghai composite index rose 1 point.  The market rose further after opening, as Tencent, carmakers, insurers and oil stocks led the rally.  Want Want rose 5.5% to lead the gainers.  Petrochina rose 2%.  Sinopec rose 3.8%.  CNOOC rose 1.63%.  Evergrande raised RMB60 billion in the third round fund raising.  Share price surged 6.9%.  Country Garden rose 3%.  Zhongan rose 3.7%.  Tencent’s gain widened to 3.3% for 106 point gain.  Insurers rose.  Ping An rose 2.2% for 24 point gain.  PICC rose 5.25%.  NCI rose 2.6%.  Carmakers also rose.  Geely rose 4%.  Brilliance rose 5%.  BYD rose 1.7%.  A shares closed the morning up 0.58%.  Shanghai composite index closed up 19 points.  Hang Seng index gained more than 300 points and rose to 28960 points, up 364 points at morning’s peak.  At midday, Hang Seng index closed up 346 points and H share index up 138 points.  Turnover was $63 billion. 
 
In the afternoon, the gain widened.  Tencent, Geely and financials led the market.  ICBC rose 1.6% for 23 point gain.  HSBC rose 0.73% for 20 point gain.  CCB rose 0.73% for 13 point gain.  Handset stocks rose.  AAC rose 3.45%.  Sunny Optical rose 0.4%.  Hon Teng rose 2.7%.  Truly rose 15% but Cowell fell 1.5%.  Semiconductor stocks were mixed.  ASMC rose 15% but SMIC lost 2%.  Huahong lost 1.7%.  Geely’s monthly sales set record high.  Share price rose 5.65% to become the top gainer.  HK Exchanges rose 2%.  Sinopec rose 3.66%.  A shares closed the day up 0.75%.  Shanghai composite index rose 25 points.   Hang Seng index surged more than 100 point in late trading and reached an intraday high of 29017, up 421 points, the highest in ten years.  However, the market could not hold on to its gains and closed just below 29000 points.  Hang Seng index closed at 28994 points, up 397 points.  H share index closed up 120 points and turnover was $115.1 billion.   
 
Overseas markets were mixed last night.  European markets were down. DAX lost 89 points.  CAC lost 26 points and FTSE lost 49 points.  US stock markets were mixed.  Dow Jones first fell but rose 8 points at the close to set another record high.  S & P lost 0.49 point and Nasdaq lost 18 points.  Hong Kong ADR’s lost 98 points and night futures lost 146 points.  The most oversubscribed IPO this year China Literature (772) will start trading today.  The grey market price soared 60%.  The Hong Kong market is overbought for the short term.  We expect the market to fall today. 
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