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Chairman Xi and telephone conversation with President Biden.
The Hong Kong market rebounded on Friday. Hang Seng index opened up 155 points, H share index up 58 points and technology index up 59 points. The Government clarified that it is sl...
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Chairman Xi and telephone conversation with President Biden.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market rebounded on Friday. Hang Seng index opened up 155 points, H share index up 58 points and technology index up 59 points. The Government clarified that it is slowing the process of approval of online games, not stopping approval. Tencent rose 2.33% for 39-point gain. Alibaba rose 1.68% for 36-point gain. Meituan rose 1.37% for 29-point gain. AIA rose 0.86% for 15-point gain. WH Group rose 2.56% to become the top gainer. Internet stocks rose. Netease rose 3%. Bili Bili rose 2.3%. Baidu rose 2.7%. JD rose 2.6%. A shares opened down 4 points. The Hong Kong market rose further after opening. Hang Seng index rose more than 400 points. Technology stocks rose further. Meituan rose 5.5% for 116-point gain. Alibaba rose 3.3% for 72-point gain. Tencent rose 2.5% for 41-point gain. HK Exchanges rose 2.2% for 26-point gain. Non-ferrous metal shares rose. Chalco rose 3.4%. Hongqiao rose 6.23%. Jiangxi Copper rose 3.2%. Luoyang Moly rose 7%. Shipping stocks rose. Cosco Holding rose 5.9%. Cosco Development rose 2.8%. Pacific Basin rose 3%. OOIL made placement. Share price lost 4.7%. Internet stocks rose. Kuaishou rose 6.9%. Baidu rose 3.8%. XD rose 4%. Hang Seng index rose to 26163, up 447 points. A shares closed the morning up 16 points. Hang Seng index closed up 423 points, H share index up 186 points and technology index up 168 points. Turnover was $89.66 billion.

President Biden had the first telephone conversation with Chairman Xi for the first time since February. The market’s mood was upbeat. The market was little changed in the afternoon. Hang Seng index gained more than 400 points. Meituan rose 4.2% for 90-point gain. Alibaba rose 3.3% for 71-point gain. AIA rose 1.93% for 34-point gain. HK Exchanges rose 2.3% for 27-oint gain. Tencent rose 1.2% for 19-point gain. HSBC rose 1.11% for 19-point gain. CM Bank rose 3.3% for 17-point gain. Haidilao rose 7% to lead the blue chips. Ali Health rose 3.74%. CR Land rose 3.3%. Longfor rose 3.74% and Country Garden rose 2.05%. However, Wuxi Biologics lost 1.92% for 17-point loss. Power generators fell to profit taking. CR Power lost 6.1%. China Power lost 2.9%. Huaneng International lost 4.9%. Huadian International lost 3.6%. JNEC lost 3.2%. Coal miners fell. China Coal lost 4.4%. Yanzhou Coal lost 5.5%. Steelmakers fell. Angang Steel lost 3.96%. Chongqing Iron lost 3.3%. Maanshan Iron lost 1.5%. A shares closed up 10 points. Hang Seng index closed at the highest level at 26206 up 490 points, H share index up 203 points, and technology index up 188 points. Turnover was $149.8 billion.

Overseas markets were mostly down last Friday. DAX lost 13 points. CAC lost 21 points but FTSE rose 5 points. US markets fell. Dow Jones lost 271 points. S & P lost 34 points. Nasdaq lost 133 points. Hong Kong ADR’s lost 142 points. Night future lost 178 points. We expect the market to fall today.
 
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