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Ant listing was stopped by Chinese Authorities. It sent shock waves to the financial markets.
The market soared on Tuesday. Hang Seng index opened up 229 points and H share index up 58 points. AIA received permission to open branch in Szechuan. Share price rose 2.6% for 59 ...
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Ant listing was stopped by Chinese Authorities. It sent shock waves to the financial markets.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/11/04 09:08
The market soared on Tuesday. Hang Seng index opened up 229 points and H share index up 58 points. AIA received permission to open branch in Szechuan. Share price rose 2.6% for 59 point gain. CCB rose 1.44% for 24 point gain. HSBC rose 1.22% for 22 point gain. ICBC rose 1.76% for 16 point gain. CNOOC rose 2.84% to lead the blue chips at opening. Tencent lost 0.75% for 21 point loss. A shares opened up 0.48%. Shanghai composite index rose 15 points. The market surged after opening as blue chips continued to climb. Hang Seng index soared more than 400 points. Financials led the rally. AIA rose 5.5% for 127 point gain. HSBC rose 3.3% for 62 point gain. CCB rose 3% for 50 point gain. Xiaomi rose 2.94% for 30 point gain. Geely rose 5.4% for 15 point gain. Oil stocks rose. CNOOC rose 4.4%. Petrochina rose 3.2%. Sinopec rose 2.6%. Sunny Optical rose 7.95% to lead the gainers. AAC rose 4.3%. Semiconductor shares soared. Huahong Semiconductor rose 11%. SMIC rose 4.8%. The market rose further in midmorning. Hang Seng index soared to above 25000 points and reached a high of 25048, up 588 points. At morning’s close, Hang Seng index rose 478 points. H share index rose 149 points. Turnover was $71.2 billion.

The market rose further in the afternoon. Hang Seng index rose more than 500 points. AIA rose 6.7% for 153 point gain. HSBC rose 3.35% for 62 point gain. CCB rose 2.53% for 41 point gain. HK Exchanges rose 2% for 24 point gain. Sunny Optical rose 10% for 25 point gain. AAC rose 4%. ICBC rose 2% for 20 point gain. However, Tencent lost 0.25% for 7 point loss. Carmakers were mixed. Geely rose 6.4%. Dongfeng rose 4.7%, whereas, GAC lost 2.5%. BYD set record high in the morning but fell 3.6% in the afternoon, due to profit taking. Local properties rose. Swire Pacific rose 6.2%. Wharf rose 5.13%. Hang Lung Property rose 3.8%. CK Assets rose 3.6%. Non-ferrous metal stocks rose. Jiangxi Copper rose 3.16%. Luoyang Molybdenum rose 3%. Chalco rose 3.5%. Zijin rose 3.14%. A shares closed up 1.42%. Shanghai composite index closed up 46 points. Hang Seng index closed up 479 points. H share index closed up 134 points. Turnover was $129.6 billion. Hong Kong market soared on the eve of the US Presidential election. Financial stocks led the rally.

Overnight, overseas markets rose strongly. The investment community expects the Democrats to win both the Presidency, the Senate and the House. The economic stimulus package will be increased. European markets rose 2% or more. DAX rose 300 points. CAC rose 114 points. FTSE rose 131 points. US markets rose 2%. Dow Jones rose 555 points. S & P rose 30 points. Nasdaq rose 195 points. Last night, the Shanghai Exchanges announced the delay of the Ant listing, which was scheduled to list on Thursday. HK Exchanges announced the delay shortly after. The delay of the Ant IPO sent shock waves in the financial markets. Tencent, Alibaba and HK Exchanges ADR’s fell sharply in New York. ADR’s lost 96 points. Night future lost 189 points. We expect the market to crash today.  
 
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