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Hong Kong market rose sharply first but fell sharply afterwards.
The Hong Kong market opened higher on Thursday. Hang Seng index opened up 175 points, H share index up 109 points and technology up 131 points. Technology stocks led the rally. Mei...
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Hong Kong market rose sharply first but fell sharply afterwards.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Thursday. Hang Seng index opened up 175 points, H share index up 109 points and technology up 131 points. Technology stocks led the rally. Meituan rose 3.95% for 76-point gain. Alibaba rose 2.9% for 58-point gain. Tencent rose 2.2% for 29-point gain. HK Exchanges rose 1.4% for 17-point gain. Wuxi Biologics rose 2.05% for 17-point gain. On the other hand, financials fell. AIA lost 1.46% for 31-point loss. HSBC lost 1.2% for 22-point loss. Ping An lost 1.7% for 14-point loss. A shares opened down 7 points. Ali Health rose 4.64% to become the top gainer. JD Health rose 9,7%. Internet and SAAS shares rose sharply. Kuaishou rose 9.7%. Bili Bili rose 7.3%. XD rose 9.5%. Weimob rose 3.7%. China Youzan rose 3.5%. Ming Yuan Cloud rose 4.3%. The Hong Kong market rose further after opening. Hang Seng index soared 26359, up more than 331 points, as technology stocks led the rally. Meituan rose 4.97% for 95-point gain. Tencent rose 4.1% for 74-point gain. Alibaba rose 3.4% for 68-point gain. HK Exchanges rose 2.8% for 34-point gain. Xiaomi rose 2.4% for 21-point gain. The market turned from gain to loss near midday. Hang Seng index fell to a low of 25991, down 38 points. A shares closed the morning up 19 points. Hang Seng index closed up 19 points, H share index up 51 points, technology index up 89 points. Turnover was $102.7 billion.

The market was little changed in early afternoon. Hang Seng index was up under 50 points. Technologies rose. Alibaba rose 2.36% for 47-point gain. Tencent rose 2% for 35-point gain. Meituan rose 0.79% for 15-point gain. Financials fell. HSBC lost 1.31% for 24-opint loss. CCB lost 1.23% for 16-point loss. AIA lost 0.82% for 15-point loss. Ping An lost 1.8% for 15-point loss. Biotech stocks rose. Innovent reached agreement to launch globally a new lung cancer treatment drug with a Shanghai drugmaker. Share price rose 3.5%. Cardioflow rose 6.4%. Beigene rose 5.65%. Power generator shares rose, and helped to drive up electrical machinery manufacturers. Dongfeng Electric rose 13.8%. Harbin Power rose 7.8%. Shanghai Electric rose 6%. New energy stocks also rose. Goldwind rose 19.5%. Xinte Energy rose 21%. China Transmission rose 21%. Infrastructure plays rose again. China Rail rose 8.5%. China Rail Construction rose 5.7%. China Commercial Construction rose 6.65%. A shares closed up 30 points. The market was range bound in late trading. Han Seng index closed up 62 points, H share index up 69 points and technology index up 29 points. Turnover was $171.1 billion.

Overnight, overseas markets rose. European markets edged higher. DAX rose 16 points. CAC rose 4 points and FTSE rose 14 points. US markets rose for the fourth straight day. Dow Jones rose 131 points. S & P rose 13 points and Nasdaq rose 22 points. Both S & P and Nasdaq set record highs. Hong Kong ADR’s lost 83 points. Night future lost 111 points. We expect the market to fall today.
 
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