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The Evergrande Group avoided default. Hong Kong shares rose.
The Evergrande Group managed to settle interest due on debts on Wednesday. The news sparked a strong rally in Hong Kong market on Thursday. Hang Seng index opened dup 392 points, ...
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The Evergrande Group avoided default. Hong Kong shares rose.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/09/24 09:21
The Evergrande Group managed to settle interest due on debts on Wednesday. The news sparked a strong rally in Hong Kong market on Thursday. Hang Seng index opened dup 392 points, H share index up 152 points and technology index up 126 points. Financials, technology and properties led the rally. Meituan rose 3.2% for 63-point gain. AIA rose 3.7% for 62-point gain. Tencent rose 2.26% for 35-point gain. HSBC rose 1.3% for 21-point gain. CG Service rose 8.6% for 14-point gain to lead the blue chips. On the contrary, Alibaba lost 0.5% for 9-point loss. China Evergrande rose 15%. Mainland developers rose sharply as the Evergrande crisis receded. Country Garden rose 8.4%. Longfor rose 8.1%. CR Land rose 6.46%. China Overseas Land rose 3.68%. Greentown rose 8.5%. R & F rose 7.5%. A shares opened up 25 points. The market soared after opening. Hang Seng index reached a high of 24827, up 606 points. Heavyweights rose further. Meituan rose 5.2% for 101-point gain. Tencent rose 3.7% for 57-point gain. HSBC rose 2.6% for 44-point gain. CM Bank rose 5.2% for 34-point gain. Ping An rose 5.3% for 36-point gain. Supply of electricity reached a crisis point in China. Power Generator shares rose strongly. CR Power rose 23%. China Power rose 20%. Longyuan rose 17%. Huaneng rose 16%. CGN Power rose 12%. Coal miners also rose. China Coal rose 6.9%. Shenhua rose 3.6%. Yanzhou Coal rose 7.6%. A shares closed the morning up 21 points. The market retreated from opening high level markedly. Hang Seng index closed the morning up 166 points, H share index up 78 points and technology index up 24 points. Turnover was $111.3 billion.

The market’s gain narrowed further in early afternoon. Hang Seng index gained under 100 points. Technology and financial stocks led the market. Meituan rose 4.3% for 87-point gain. HSBC rose 2.07% for 33-point gain. Tencent rose .19% for 30-point gain. CG Service rose 12.3% to become the top gainer for 21-point gain. The Evergrande Group avoided default. Mainland banks and insurers rose on the news. CCB rose 1.3% for 15-point gain. Ping An rose 2% for 13-point gain. CM Bank rose 2.86% for 13=point gain. China Evergrande rose 17%. Mainland developers followed higher. Longfor rose 9%. Country Garden rose 7.85%. China Overseas Land rose 6.74%. Sunac rose 10.5%. R & F rose 8.1%. Property management shares also rose. Shimao Service rose 12%. A Living rose 9%. Poly Property rose 7%. Small Baltic country Lithuania asked citizens not to use Chinese made handsets. Xiaomi fell 4.1% for 30-point loss. Alibaba lost 1.34% for 27-point loss. Wuxi Biologics lost 2.5% for 22-point loss. Lining lost 4.7%, for 21-point loss. Anta Sports lost 5.3% for 17-point loss. A shares closed up 14 points. The market staged a late rally. Hang Seng index closed up 289 points, H share index up 93 points and technology index up 58 points. Turnover was $179 billion.

Overnight, overseas markets were mostly up. DAX rose 137 points. CAC rose 65 points but FTSE lost 5 points. In the US, first time unemployment claims went up last week. However, stock markets surged more than 1%. Dow Jones rose 506 points. S & P rose 53 points and Nasdaq rose 155 points. Hong Kong ADR’s lost 14 points. Night future lost 65 points. We expect the market to fall today.
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