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Hang Seng index soared 1000 points after the Central Government passed the HK National Security Act.
The Hong Kong market opened higher last Friday. Hang Seng index opened up 195 points and H share index up 89 points. Financials led the advance. HSBC rose 1.88% for 44 point gain. ...
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Hang Seng index soared 1000 points after the Central Government passed the HK National Security Act.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/07/06 09:15
The Hong Kong market opened higher last Friday. Hang Seng index opened up 195 points and H share index up 89 points. Financials led the advance. HSBC rose 1.88% for 44 point gain. Ping An rose 1.38% for 19 point gain. AIA rose 0.4% for 10 point gain. Shenzhou International rose 3.26% and Mengniu rose 1.94% to become the top gainers at opening. Techtronic lost 0.23% to become the only loser at opening. A shares opened up 0.57%. Shanghai composite index rose 18 points. The market fluctuated wildly after opening. Hang Seng index soared to 25383 points, up 259 points and then fell to 25182 points, up only 58 points. Carmakers rose sharply as car sales soared in June. Geely rose 7.15% to lead the blue chips. Brilliance rose 4.6%. Great Wall rose 2.2%. Mainland banks rose. CCB rose 0.82% for 16 point gain. ICBC rose 0.82% for 9 point gain. BOC rose 1.3% for 9 point gain. Insurers and brokers rose strongly. China Life rose 4.2%. NCI rose 3.8%. PICC rose 3.7%. Pacific Life rose 4.5%. Everbright Securities rose 14%. CSC rose 11%. CMSC rose 11%. Internet stocks were mixed. Zhongan rose 6.6%. Alibaba rose 2.3%. Meituan rose 2.7%. However, PA Good Doctor lost 2.1%. Chinese Literature lost 2.2%. Duiba lost 4.5%. Mainland developers rose on strong sales. Evergrande rose 7.7%. Sunac rose 4.4%. Country Garden rose 3.8%. A shares closed the morning up 1.04%. Shanghai composite index closed up 32 points. Hang Seng index closed up 212 points. H share index closed up 136 points. Turnover was $87.1 billion.

The market rose further in the afternoon. Hang Seng index gained more than 300 points. Caixin June service sector PMI rose to 58.4, much better than expected and drove up Chinese and Hong Kong markets. Tencent rose 2% for 58 point gain. Geely rose 12% to become the top gainer and contributed 27 point gain. Ping An rose 2.25% for 32 point gain. HSBC rose 1% for 22 point gain. Handset suppliers and 5G concept stocks rose. AAC rose 8%. Sunny Optical rose 6.8%. Cowell rose 10%. China Tower rose 7.5%. ZTE rose 11%. Car sales in June soared. Carmakers rose strongly. BYD rose 14%. Geely rose 12%. Brilliance rose 9%. Great Wall rose 4.9%. Medical service stocks rose. Microport rose 8.8%. AK Medical rose 4%. Chunli rose 5.2%. Tencent led internet stocks. Zhongan rose 15%. Meituan rose 7.2%. Alibaba rose 2.9%. Xiaomi rose 4.8%. Weimob rose 4.6%. Yet, property management shares fell. A Living lost 4.6%. CG Service lost 3.9%. Poly Property lost 4.2%. CO Property lost 4.4%. A shares closed up 2%. Shanghai composite index rose 62 points. Hang Seng index reached a high of 25453 points, down 329 points and closed up 249 points. H share index closed up 186 points. Turnover was $ 164 billion. Hang Seng index soared 1000 points after the Central Government passed the HK National Security Law.

Last Friday night, European markets fell. DAX lost 80 points. CAC lost 42 points. FTSE lost 83 points. US markets were closed for national holiday. Night future lost 53 points. We expect the market to rise today.  
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