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Hong Kong stocks soared more than 200 points.
The Hong Kong market opened higher on Monday, the first trading day of August. Hang Seng index opened up 93 points, H share index up 25 points and technology index up 10 points. H...
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Hong Kong stocks soared more than 200 points.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/08/03 09:07
The Hong Kong market opened higher on Monday, the first trading day of August. Hang Seng index opened up 93 points, H share index up 25 points and technology index up 10 points. Hong Kong Exchanges rose 2.92% for 38-point gain. BYD rose 3.77% to lead the blue chips for 16-point gain. AIA r ose 0.75% for 16-point gain. Meituan rose 0.93% for 15-point gain. Xiaomi rose 1.18% for 10-point gain. On the contrary, Tencent lost 0.63% for 11-point loss. CSPC lost 1.53% to lead the losers. A shares opened down 0.75%. Shanghai composite index opened down 26 points. Evergrande sold shares in Hengten Net to Tencent. Share price soared 50%. The Government supported new energy initiative. Related share rose. BYD rose 7%. Geely rose 4.2%. Gongfeng Lithium rose 4.1%. Xinyi Solar rose 4.1%. Flat Glass rose 13%. Solargiga rose 5.55%. Semiconductor shares rose. SMIC rose 6%. Huahong rose 7%. The market turned from gain to loss momentarily. Hang Seng index fell to 25743, down 218 points. However, the market had support at low level. Hang Seng index turned from loss to gaining more than 300 points. Investors looked forward to HSBC’s resuming interim dividend payout. Share price soared 4.65% for 91-point gain. HK Exchange rose 3.5% for 47-point gain. Alibaba rose 1.95% for 37-point gain. BYD rose 4.9% for 22-point gain. A shares closed the morning up 25 points. Hang Seng index reached a high of 26300, up 339 points and closed up 237 points. H share index closed up 70 points but technology index closed down 9 points. Turnover was $95.5 billion. .

The market rose further in the afternoon. Hang Seng index gained about 300 points. HK Exchanges rose 3.83% for 50-point gain. HSBS rose 2.3% for 45-point gain. HSBC reported 1.3 times increase in interim profit and announced interim dividend of 7 US cents. BYD rose 8.8% for 38-point gain. Chaowei Power, which rose sharply last Friday, fell 11%. Shipping stocks rose sharply. Cosco Holding rose 9.4%. OOIL rose 8.7%. Pacific Basin rose 5.78%. The Government clarified that the new policy was not aiming to drive the private sector out of business. Education shares rose. Scholar Education rose 14%. New Oriental rose 2.7%. Koolearn rose 2.3%. The price of thermal coal used for power generation fell sharply. Coal miners fell. China Coal lost 4.9%. Yanzhou Coal lost 2.9%. However, power generators rose sharply. CR Power rose 9.4%. Huaneng Power rose 4.9%. Datang Power rose 3.3%. Huadian Power rose 5.5%. Cement stocks also benefitted from lower coal prices. CNBM rose 10.9%. CR Cement rose 8.9%. Conch Cement rose 8.9%. The market’s gain narrowed 100 points in midafternoon, as HSBC fell. A shares closed up 1.97%. Shanghai composite index closed up 67 points. Hang Seng index closed up 275 points, H share index up 103 points and technology index up 15 points. Turnover was $166.9 billion.

Overnight, overseas markets were mixed. European markets rose. DAX rose 24 points. CAC rose 69 points and FTSE rose 49 points. US markets were mixed. Dow Jones set record before closing down 97 points. S & P lost 8 points. Nasdaq rose 8 points. Hong Kong ADR’s lost 56 points. Night future lost 3 points. We expect the market to fall.  
 
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