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Tencent and HK Exchanges set record highs to lead the market’s rally.
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 136 points and H share index up 30 points. HSBC rose 2.2% for 50 point gain. AIA rose 1.66% for 42 point ...
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Tencent and HK Exchanges set record highs to lead the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/07/03 09:24
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 136 points and H share index up 30 points. HSBC rose 2.2% for 50 point gain. AIA rose 1.66% for 42 point gain. Tencent rose 0.88% for 24 point gain. ICBC rose 1.28% for 13 point gain. CCB rose 0.68% for 13 point gain. CKH lost 1.51% to lead the losers. Local properties rebounded. New World rose 5.98%^; Wharf rose 5.4%; Hang Lung rose 2.94%; Sino Land rose 2.56% to become the top four gainers. A shares opened up 0.12%. Shanghai composite index rose 3 points. The market rose further after opening. Hang Seng index gained more than 400 points. Tencent, AIA, CCB, Ping An and HSBC led the rally. Tencent had new games approved. Share price rose 2.8% to set record high and contributed 77 point gain. Internet shares rose. Meituan rose 2.8%. Alibaba rose 1.3%. PA Good Doctor rose 4.4%. Xiaomi rose 3.8%. Zhongan rose 4.95%. Mainland developers rose. CR Land rose 6.13%. China Overseas Land rose 3.62%. Country Garden rose 4.1%. Semiconductor shares rose again. SMIC rose 7.4%. Huahong rose 7%. HKTV turned from loss to profit. Share price soared 35% at one time. A shares closed the morning up 1.16%. Shanghai composite index rose 35 points. Hang Seng index reached a high of 24844 points, up 417 points and closed up 361 points. H share index closed up 172 points. Turnover was $89.1 billion.

The market rose further in the afternoon. Hang Seng index rose 400+ points. Pharmaceutical and medical services shares rose. Hua Medicine rose 14%. Beigene rose 5.3%. Venue Medtech rose 5.7%. AK Medical rose 8.1%. Microport rose 6.6%. C Mer Eye rose 9.5%. Fosun Pharmaceutical rose 5%. Insurers rose strongly. China Life rose 9% to lead the blue chips. Ping An rose 2.84%. NCI rose 8%. PICC rose 5.8%. CPIC rose 5.8%. Many H shares plan to list in China. Chinese brokers rose strongly. Citic rose 8.9%. Haitong rose 9.9%. Galaxy rose 10%. Tencent rose by 3.3% for 91 point gain. Internet stocks rose. Weimob rose 12%. XD rose 8%. Duiba rose 10%. A shares closed up 2.13%. Shanghai composite index closed up 64 points. The market rose further in midafternoon. Hang Seng index soared more than 600 points to breach 25000 points. Heavyweights like Tencent, AIA, HK Exchanges, HSBC and Ping An led the rally. HK Exchanges soared 6% and Tencent rose 4.3% to set record highs. Hang Seng index closed up 697 points. H share index closed up 298 points. Turnover was $ 176 billion.

Overnight, overseas markets soared. European markets rose 1-2.8%. DAX rose 348 points. CAC rose 122 points. FTSE rose 82 points. US non-farm payroll increased by 4.8 million in June. The unemployment rate fell to 11.1%. Both figures are much better than expected. US market rose and then retreated. Dow Jones rose 92 points. S & P rose 14 points. Nasdaq rose 62 points and set record high. HK ADR’s fell 23 points. Night future lost 16 points. We expect the market to fall today.
 
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