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The spectacular gain in A shares drove up Hong Kong shares.
The Hong Kong market opened higher on Monday. Hang Seng index opened up 172 points and H share index up 749 points. Financials led the advance. AIA rose 1.4% for 37 point gain. Pin...
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The spectacular gain in A shares drove up Hong Kong shares.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/07/07 09:07
The Hong Kong market opened higher on Monday. Hang Seng index opened up 172 points and H share index up 749 points. Financials led the advance. AIA rose 1.4% for 37 point gain. Ping An rose 1.54% for 22 point gain. CCB rose 0.98% for 19 point gain. Geely rose 3.8% to lead the gainers at opening. Local properties rose. New World rose 1.9%. Link rose 1.85%. A shares opened up 1.48% with Shanghai composite index rising 48 points. The market rose sharply after opening mainly due to sharp rise in A shares. Carmakers rose sharply. Geely rose 7.9%. Great Wall rose 3.4%. Dongfeng rose 4%. Brilliance rose 3.5%. Insurers rose sharply. China Life rose 6%. Ping An rose 3.5%. Mainland developers rose. Country Garden rose 4%. China Overseas Land rose 3.1%. CR Land rose 2.8%. Handset suppliers rose. AAC rose 8.6%. Sunny Optical rose 5.6%. Cowell rose 7.5%. Chinese brokers rose sharply. Citic rose 12%. Galaxy rose 14%. Haitong rose 12%. The market rose further in late morning trade. Hang Seng index gained more than 800 points. Ping An rose 5.7% for 84 point gain. HSBC rose 3% for 58 point gain. CCB rose 3.4% for 68 point gain. A shares closed the morning up 4.2%. Shanghai composite index closed up 131 points. Hang Seng index closed the morning up 875 points and H share index closed up 394 points. Turnover was $126 billion.

The market rose further in the afternoon. Hang Seng index gained more than 1000 points. China Life rose 17% to lead the blue chips. The next four top gainers were: Geely +15%, China Unicom +9.7%; AAC +10%. CCB rose 6.5% for 130 point gain.Ping An rose 7.2% for 105 point gain. HSBC rose 4.8% for 115 point gain. Insurers soared. NCI rose 10%. PICC rose 14%. CPIC rose 10%. Chinese brokers soared. CM Securities rose 27%. Everbright Securities rose 23%. Galaxy rose 19%. Zhongzhou rose 19%. Geely led carmakers. GAC rose 12%. Great Wall rose 9%. Dongfeng rose 7%. Semiconductors rose. SMIC rose 19%. Huahong rose 11%. Internet stocks were mixed. Tencent lost 0.67% due to profit taking. Meituan also fell 0.4% to profit taking. Yeahka rose 28% but Weimob lost 2.6%. Duiba lost 2%. PA Good Doctor lost 1.2%. A shares closed up 5.7%. Shanghai composite index closed up 180 points. Hang Seng index reached a high of 26453 points, up 1080 points and closed up 966 points. H share index closed up 483 points. Turnover was $ 250.8 billion.

Overnight, overseas markets followed China and Hong Kong markets’ lead and traded sharply higher. European markets rose 1-2%. DAX rose 205 points. CAC rose 74 points. FTSE rose 128 points. Technology stocks led US markets again, as Amazon and Apple closed at record highs. Dow Jones rose 450 points. S & P rose 49 points. Nasdaq rose 226 points. Hong Kong ADR’s rose 159 points in New York. Night future rose 180 points. We expect the market to rise today.  
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