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Market first rose but fell in the afternoon.
The market opened higher on Friday. Hang Seng index opened up 106 points, H share index up 27 points and technology index up 12 points. HSBC rose 1.02% for 24-point gain. AIA rose ...
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Market first rose but fell in the afternoon.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 106 points, H share index up 27 points and technology index up 12 points. HSBC rose 1.02% for 24-point gain. AIA rose 0.78%for 22-point gain. Tencent rose 0.41% for 11-point gain. CK Assets rose 2.4% to lead the blue chips. A shares opened down 0.06%. Shanghai composite index lost 2 points. The market turned from gain to loss after opening. Hang Seng index fell to a low of 29099, down 14 points. Meituan lost 1.3% for 18-point loss. Alibaba lost 0.86% for 15-point loss. Tencent lost 0.5% for 13-point loss. Wuxi Biologics lost 1.1% for 10-point loss. Pharmaceutical shares fell. Sino Biopharm lost 1.24%. CSPC lost 0.5%. Auto stocks rose. Geely rose 2.72%. BYD rose 1.7% but Greaet Wall lost 2.5%. Hot IPO JD Logistics opened at $46.05, up 14%. CK Assets rose 4.2% to lead the gainers. Local properties rose. Hang Lung rose 1.5%. New World rose 1.2%. Hang Seng index reached a high of 29333, up 220 points. Tencent rose 1.1% for 30-point gain. HSBC rose 3.6% for 85-point gain. Shipping stocks rebounded. Cosco Holdings rose 4.12%. OOIL rose 4.45%. Pacific Basin rose 2.14%. SITC rose 3.4%. A shares closed the morning unchanged. Hang Seng index closed the morning up 184 points, H share index up 19 points and technology index down 61 points. Turnover was $91.7 billion.

The market rose further in the afternoon. Hang Seng index rose more than 200 points. Blue chips were mixed. Medical stocks fell. Wuxi Biologics lost 1.2% for 11-point loss. Sino Biopharm lost 3.3%. CSPC lost 2.67%. Ali Health lost 3.8%. On the contrary, financials rose. HSBC decided to sell its US retail business. Share price rose 3.6% for 85-point gain. Hang Seng Bank rose 3.1%. AIA rose 1.2% for 34-point gain. CCB rose 1.75% for 28-point gain. Haidilao lost 4.67% to top the losers. JD Logistics’ performance disappointed the market. SAAS shares fell. Ming Yuan Cloud lost 6%. Weimob lost 2.4%. China Youzan lost 4.5%. Zhongan Online lost 7.1%. Property management shares fell. A-Living made placement. Share price lost 6%. CG Service lost 2.2%. S-Enjoy lost 2.4%. Non-ferrous metal shares rose. Jiangxi Copper rose 4.2%. Chalco rose 4.6%. MMG rose 3.6%. Zijin rose 3.4%. The market turned from gain to loss in midafternoon. Medical and technology stocks fell to drag down the market. Wuxi Biologics lost 5.4% for 52-point loss. Meituan lost 3.1% for 30-point loss. Xiaomi lost 2% for 23-point loss. A shares closed down 0.57%. Shanghai composite index closed down 26 points. Hang Seng index closed up 11 points, H share index down 55 points, and technology index down 166 points. Turnover was $172.7 billion.

Over last Friday night, overseas markets rose. DAX rose 113 points. CAC rose 48 points and FTSE rose 3 points. US markets edged higher. Dow Jones rose 64 points. S & P rose 3 points. Nasdaq rose 12 points. ADR’s lost 22 points. Night future rose 77 points. We expect the market to rise today.
 
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