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Shares related to economic recovery concept rose.
The Hong Kong market opened higher on Wednesday. Hang Seng index rose 91 points and H share index rose 40 points. CCB rose 0.75% for 12 point gain. Alibaba rose 0.9% for 10 point ...
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Shares related to economic recovery concept rose.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/09/17 09:15
The Hong Kong market opened higher on Wednesday. Hang Seng index rose 91 points and H share index rose 40 points. CCB rose 0.75% for 12 point gain. Alibaba rose 0.9% for 10 point gain. Hengan rose 6.55% to lead the blue chips. A shares opened down 0.08%. Shanghai composite index lost 2 points. The market turned from gain to loss mainly due to weakness in financials. AIA lost 0.86% for 22 point loss. HSBC lost 0.62% for 11 point loss. The pandemic situation improved. Shares with concept of economic recovery rose. Properties rose. Wharf rose 2.3% to lead the blue chips. Link rose 2%. New World rose 1%. CR Land rose 2.25%. Airlines rose. China Eastern rose 3.8%. China Southern rose 2.3%. Air China rose 2.2%. BYD agreed to develop batteries with Mercedes Benz. Share price rose to $101.0. Hang Seng index reached a high of 24830 points, up 97 points. Then the market fell back to 24663 points, down 70 points, and closed down 60 points. H share index closed down 4 points. Turnover was $54.9 billion.

The market traded within narrow ranges in the afternoon. Hang Seng index fell slightly. AIA lost 1.4% for 36 point loss. HSBC lost 0.78% for 14 point loss. On the contrary, Tencent rose 1.13% for 30 point gain. Alibaba rose 1.57% for 18 point gain. HK Exchanges rose 1.2% for 14 point gain. CR Land rose 3.23% to lead the blue chips. Internet stocks rose. Meituan rose 2.7%. Netease rose 2.1%. Electric car concept stocks rose. BYD rose 4.3%. Gongfeng Lithium rose 1%. Biotech stocks rose. Innovent Bio rose 2.7%. Vivatech rose 6.7%. Chunshi rose 7.77%. Properties rose. Wharf rose 2.3%. Link rose 1.87%. SHK Property rose 1.4%. Travel related shares rose on hopes of economic recovery. Tongcheng E-Long rose 6.7%. Zhou Hei Ya rose 4.7%. Haidilao rose 3.9%. The parent of CTI HK announced reorganization. CTI HK share price soared 11% for no valid reason. A shares closed down 0.36%. Shanghai composite index closed down 11 points. Hang Seng index closed down 7 points. H share index rose 16 points. Turnover was $103 billion.

Overnight, overseas markets were mixed. European markets were range bound. DAX rose 37 points. CAC rose 6 points. However, FTSE lost 27 points as Brexit negotiation hit a snag. US markets were mixed. Old economy stocks rose. Dow Jones gained more than 300 points before settling at 36 point gain. Technology stocks fell again. Apple lost more than 3%. S & P lost 15 points. Nasdaq lost 140 points. Hong Kong ADR’s lost 84 points in New York. Night future lost 38 points. We expect the market to fall today.
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