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China’s economic indicators showed economic recovery.
The Hong Kong market opened slightly lower on Tuesday. Hang Seng index fell 18 points and H share index fell 21 points. Xiaomi’s vice chairman placed shares to cash in $7.9 ...
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China’s economic indicators showed economic recovery.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/09/16 09:11
The Hong Kong market opened slightly lower on Tuesday. Hang Seng index fell 18 points and H share index fell 21 points. Xiaomi’s vice chairman placed shares to cash in $7.9 billion. Share price fell 4.46% to become the top loser and caused 45-point loss in the index. AIA rose 1.24% to become the top gainer at opening and accounted for 31-point gain. Tencent rose 1.13% for 28-point gain. A shares opened down 0.21%. Shanghai composite index opened down 8 points. Evergrande Vehicle made placement. Share price fell 11%. The market turned from loss to gain after opening, as Tencent and AIA rose further. Tencent’s PUGB mobile game recorded revenue of US$221 million in August. Share price rose 1.6% for 40-point gain. AIA rose 2.1% for 51-point gain. Macau gaming stocks rose. Sands rose 2.97% and Galaxy rose 2.45%. Hang Seng index gained more than 100 points. Carmakers rose. BYD rose 9%. Great Wall rose 3.1%. Geely rose 2.26%. Airliners rose on higher RMB exchange rate. China Eastern rose 3.6%. China Southern rose 3.8%. Air China rose 4%. Mainland properties rose. Evergrande rose 10%. Sunac rose 4.9%. Country Garden rose 4.35% to lead the blue chips. A shares closed the morning up 0.28%. Shanghai composite index closed up 9 points. Hang Seng index reached a high of 24827, up 187 points, and closed up 119 points. H share index closed up 42 points. Turnover was $70.6 billion.

The market was little changed in early afternoon. Hang Seng index gained more than 100 points. AIA rose 1.3% for 34-point gain. Ping An rose 1.4% for 19 point gain. Tencent rose 0.56% for 14-point gain. China’s August economic indicators were better than expected. Retail sales in August rose 0.5% from last year, the first year-on-year gain this year. Restaurant shares rose. Jiumaojiu rose 9.3%. Shabu Shabu rose 4.2%. New energy stocks rose. GCL rose 8.3%. GCL New Energy rose 4.3%. Xinyi Energy rose 3.6%. BYD rose 12%. Gong Feng Lithium rose 3.4%. Local properties rose. Wharf rose 5% to lead the blue chips. Hang Lung Property rose 1.73%. New World rose 1.55%. CK Assets rose 1.34%. Xiaomi fell further by 5.5% for 55-point loss. Pharmaceutical shares rose. Wuxi Biologics rose 3.74% for 19-point gain. CSPC rose 1.4%. Innovent Biologics rose 8.5%. Local retailers rose. Luk Fuk rose 5.5%. Prada rose 3.46%. Bossini rose 9.2%. A shares closed up 0.51%. Shanghai composite index closed up 17 points. Hang Seng index closed up 92 points. H share index closed up 22 points. Turnover was $115.9 billion.

Overnight, overseas markets rose. DAX rose 24 points. CAC rose 16 points. FTSE rose 79 points. Technology stocks led US market’s rally. Dow Jones rose 2 points. S & P rose 17 points. Nasdaq rose 161 points. Hong Kong ADR’s rose 25 points. Night future rose 82 points. We expect the market to rise today.
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