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Hong Kong market rose on the first day of September.
The Hong Kong market opened down slightly on Wednesday. Hang Seng index opened down 7 points, H share index down 4 points and technology up 25 points. Tencent rose 0.8% for 13-poin...
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Hong Kong market rose on the first day of September.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened down slightly on Wednesday. Hang Seng index opened down 7 points, H share index down 4 points and technology up 25 points. Tencent rose 0.8% for 13-point gain. Sunny Optical rose 3.6% for 13-point gain. Alibaba lost 1.2% for 24-point loss. HSBC lost 0.72% for 13-point loss. A shares opened flat. Shanghai composite index opened up 1 point. The market fell further after opening with Hang Seng index lost more than 100 points, but then rose again. Alibaba, Meituan, AIA and Wuxi Biologics fell to drag down the market. Macau gaming stocks rose. Sands rose 4.2% to lead the blue chips and Galaxy rose 2%. Internet stocks rebounded. Netease bought back shares. Share price rose 5.8%. Tencent Music abandoned exclusive rights to music. Bili Bili rose 8% and Kuaishou rose 5.8%. XD rose 5.3%. Yeahka rose 5.94%. Dongyue Group announced placement to raise $3.3 billion. Share price fell 6%. Lenovo Group announced 6.3 times increase in interim profit. Share price soared 15.9%. Sino Biopharm announced 5.8 times increase in interim profit. Share price rose 3.5%. New energy stocks fell sharply as the Government announced plans for alternatives. Gongfeng Lithium lost 5.8%. Xinyi Solar lost 5.1%. Comtec lost 7.5%. Flat Glass lost 10.4%. Restaurant shares rose. Haidilao rose 6.3% to lead the blue chips. Shabu Shabu rose 12.8%. The market rose further near midday, as Meituan, Tencent and Ping An rose to lead the market. Hang Seng index reached a high of 26102, up 223 points and closed up 159 points. H share index rose 129 points and technology index rose 118 points. Turnover was $114.5 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 100 points. Meituan rose 2.65% for 49-point gain. Tencent rose 2.37% for 42-point gain. Ping An bought back shares in the market. Share price rose 3.125% for 26-point gain. Alibaba rose 1.2% for 24-point gain. On the contrary, Wuxi Biologics lost 3.23% for 28-point loss. Techtronic lost 2.55% for 14-point loss. Xinyi Solar lost 5.85% for 11-point loss. Metal shares fell. Steelmakers fell. Angang Steel lost 4.2%. Maanshan Iron lost 3.8%. Chongqing Iron lost 1%. Non-ferrous metals fell. Jiangxi Copper lost 0.9%. Chalco lost 5.3%. Luoyang Moly lost 4.4%. SAAS shares rose sharply. Yeahka rose 12.5%. XD rose 11.5%. Weimob rose 9.5%. China Youzan rose 6.4%. Kintor’s Covid drug received permission for third stage clinical trial. Share price soared 12.5%. Infrastructure shares rose. China Rail rose 7%. China Rail Construction rose 5.5%. CCC rose 9.1%. CRRC rose 4.5%. Cement shares rose. CNBM rose 6.6%. Conch Cement rose 4.8%. CR Cement rose 3.8%. A shares closed up 23 points. Hang Seng index closed up points, H share index up points and technology index up points. Turnover was $ billion.

Overnight, overseas markets were mixed. DAX lost 10 points. CAC rose 78 points and FTSE rose 30 points. US markets were range bound. Dow Jones lost 48 points. S & P rose 1 point. Nasdaq rose 50 points to set another record high. Hong Kong ADR’s lost 86 points. Night future rose 193 points. We expect the market to rise today.  
 
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