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China and the US reached first phase trade agreement. Hang Seng index closed above 29000 points.
The Hong Kong market opened higher last Friday. Hang Seng index opened up 105 points and H share index up 44 points. Ping An rose 1.57% for 25 point gain. AIA rose 0.51% for 15 poi...
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China and the US reached first phase trade agreement. Hang Seng index closed above 29000 points.
Analyst : Lun Sheung Nim (CEO)
2020/01/20 09:21
The Hong Kong market opened higher last Friday. Hang Seng index opened up 105 points and H share index up 44 points. Ping An rose 1.57% for 25 point gain. AIA rose 0.51% for 15 point gain. Techtronic rose 3.4% and WH Group rose 1.99% to become the top gainers at opening. Country Garden lost 1% to become the top loser at opening. A shares opened up 0.31%. Shanghai composite index rose 10 points. The market turned from gain to loss after opening as investors sold at high level to lock in profit. Semiconductors rose as Taiwan’s TSMI reported strong profit. SMIC rose 4% and Huahong Semiconductor rose 3.4%. Hang Seng index fell to a morning low of 28813 points, down 70 points. There was support at low level and the market rebounded strongly. The State Statistics Bureau reported China’s 2019 economic growth of 6.1% and 6% for the month of December. The Hong Kong market rebounded on news of the strong GDP figures. Hang Seng index surged to above 29000 points, and reached a high of 29101 points, up 218 points. Financials led the rally. Ping An rose 1.4%. CCB rose 0.9% and HSBC rose 0.6%. Internet stocks were strong. Xiaomi rose 4.25%. Zhongan rose 2.66%. Meitu rose 3.05%. Kingsoft rose 1.6%. Chinasoft rose 2.2%. However, Alibaba lost 0.73% and Meituan lost 0.98%. The market fell sharply after breaching 29000 points and turned from gain to loss. A shares closed the morning down 0.09%. Shanghai composite index closed down 3 points. Hang Seng index closed the morning down 13 points. H share index closed down 3 points. Turnover was $58.57 billion.

The market fell in the afternoon but traded within narrowed ranges. Hang Seng index lost about 50 points. AIA lost 1.6% for 46 point loss. Tencent lost 0.9% for 29 point loss. China Life lost 2% for 10 point loss. On the contrary, Ping An rose 1.26% for 20 point gain. CSPC rose 6.33% for 16 point gain. Pharmaceuticals were the top gainers. CSPC rose 7%. Sino Biopharm rose 3.53%. Trade related shares rose. Techtronic rose 2.58% and WH Group rose 2.22%. Xiaomi soared 8%. Meitu rose 2.5%. However, other internet stocks fell. Meituan lost 2.2%. Handset manufacturers rose strongly. Xiaomi rose 8%. ZTE rose 6.76%. Property management shares rose. S-Enjoy rose 4.7%. Eversunshine rose 2.98%. Binjiang rose 6.6%. A shares closed up 0.05%. Shanghai composite index closed up 1 point. Hang Seng index closed up 173 points and H share index up 91 points. Turnover was $111.3 billion. For the week, Hang Seng index closed up 418 points and H share index up 153 points. Hang Seng index closed above 29000 points.

Last Friday night, overseas markets continued to rise. European markets rose 0.75% TO 1%. DAX rose 97 points. CAC rose 62 points and FTSE rose 65 points. US markets edged slightly higher and set record highs again. Strong housing starts drove up US markets. Dow Jones rose 50 points; S & P rose 13 points. Nasdaq rose 49 points. Hong Kong ADR’s rose 79 points in New York. Night future rose 33 points. We expect the market to rise today.
 
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