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Third line electric concept stocks soared on speculative fever.
The Hong Kong market rebounded on Tuesday. Hang SEng index opened up 176 points. H share index opened up 91 points and technology index up 112 points. Alibaba which crashed on Mond...
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Third line electric concept stocks soared on speculative fever.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/12/30 09:07
The Hong Kong market rebounded on Tuesday. Hang SEng index opened up 176 points. H share index opened up 91 points and technology index up 112 points. Alibaba which crashed on Monday rebounded 2.95% for 39 point gain. Tencent rose 2.1% f or 50 point gain. Xiaomi rose 3% for 38 point gain. Meituan rose 1.92% for 23 point gain. AIA rose 0.37% for 10 point gain. CCB rose 0.69% for 10 point gain. On the contrary, CNOOC lost 1.33% and China Mobile lost 1.1% to lead the losers. The four technology stocks contributed more than 250-point gain. Xiaomi announced its 5G handset Mi-11 which retails for¥4000. Xiaomi rose 5.7%. ZTE rose 8.5%. Alibaba rebounded 5.8% after crashing in recent days to lead the gainers. Second line internet shares rose. Weimob rose 8.5%. China Youzan rose 4.7%. Ming Yuan Cloud rose 2.1%. .Wuling continued to attract short term speculators. Share price soared 34%. Apollo rose 19%. However, carmakers fell. Geely lost 2.6%. BYD lost 4.3%. Great Wall lost 5.6%. New energy stocks fell to profit taking. GCL lost 8%. Flat Glass lost 3%. Gold Wind lost 3.8%. Shunfeng CE lost 3.3%. Gongfeng Lithium lost 4.7%. A shares closed the morning down 0.33%. Shanghai composite index closed down 11 points. Hang Seng index reached a morning high of 26596, up 282 points. Hang Seng index closed up 276 points. H share index closed up 149 points and technology index up 255 points. Turnover was $78.3 billion.

The market rose further in early afternoon. Hang Seng index rose more than 300 points. The four top technology stocks led the rally. Alibaba rose 6.4% for 86 point gain. Meituan rose 6.8% for 80 point gain. Tencent rose 3.2% for 77 point gain. Xiaomi rose 4.65% for 58 point gain. Mainland banks rose. ICBC rose 4.3% for 22 point gain. CCB rose 1% for 14 point gain. Small electric carmaker Wuling rose 34% in the morning crashed 24% in the afternoon. However, FDG Kinetic rose 90% and Apollo rose 9.4%. Prices of drugs admitted in the fourth round of quantity purchase was higher than expected. Drug makers rose. CSPC rose 4.95%. Innovent rose 4.6%. Alphamab rose 5.1%. Yet, Junshi and Biogene fell 2.5% and 6% as their acceptance prices were lower than last year. Gongfeng Lithium lost 7% as major shareholders sold down their shares. A shares closed down 0.54%. Shanghai composite index closed down 18 points. Hang Seng index reached a high of 26618, up 304 points, and closed up 253 points. H share index closed up 137 points. Technology index closed up 202 points. Turnover was $130.86 billion.

Overnight, overseas markets were mixed. DAX lost 29 points. CAC rose 23 points. FTSE soared 100 points as UK welcome Brexit agreement. US markets first rose but closed lower as Senate Majority leader blocked the passage of US$2000 payout. Dow Jones lost 68 points. S & P lost 8 points. Nasdaq lost 49 points. Hong Kong ADR’s lost 92 points. Night future rose 28 points. We expect the market to fall today.  
 
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