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Hong Kong shares rebounded strongly. Mainland developers led the rally.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 114 points, H share index up 32 points and technology index up 47 points. Alibaba rose 2.46% to lead the bl...
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Hong Kong shares rebounded strongly. Mainland developers led the rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 114 points, H share index up 32 points and technology index up 47 points. Alibaba rose 2.46% to lead the blue chips for 47-point gain. HSBC rose 2.35% for 40-point gain. Meituan rose 1.45% for 31-point gain. Wuxi Biologics rose 1.23% for 11-point gain. On the contrary Techtronic rose lost 2.4% to become the top loser for 11-point loss. A shares opened down 5 points. The Hong Kong market rose further after opening. Hang Seng index rose more than 300 points. Mainland developers rebounded strongly. Country Garden rose 7.5%. CR Land rose 8.2%. China Overseas rose 7%. Longfor rose 7.2%. Sunac repurchase note due 2024. Share price soared 17%. China Evergrande rose 7.8%. Vanke rose 7.5%. China Olympic rose 6.6%. Property management shares rose. CG Service rose 10.5%. A Living rose 6.8%. CO Property rose 7.5%. Internet stocks rebounded. Kuaishou rose 3.97%. Bili Bili rose 3%. Netease rose 2.5%. Alibaba rose further to 5.9% for 112-point gain. Meituan rose 3% for 65-point gain. Pipe gas suppliers and power generator shares rose. Towngas China rose 3.8%. ENN rose 4%. China Gas rose 3.8%. China Power rose 4.1%. Huaneng International rose 4.2%. Huadian rose 2.35%. Datang Power rose 1.6%. Longyuan rose 4.3%. Coal shares rose sharply. Shenhua rose 4.3%. Yanzhou Coal rose 9%. China Coal rose 5.6%. Hang Seng index reached a high of 24654, up 446 points. A shares closed the morning up 19 points. Hang Seng index closed the morning up 353 points, H share index up 171 points and technology index up 114 points. Turnover was $76 billion.

The market rose further in the afternoon, Hang Seng index gained more than 400 points. Alibaba started to place Wechat Pay logo on its website to comply with anti-monopoly law. Share price rose 7.8% for 148-point gain. Meituan rose 2.5% for 55-point gain. Tencent rose 2.5% for 37-point gain. Wuxi Biologics rose 3.7% for 33-point gain. Mainland developers and property management shares rose the most. CG Service rose 9.8%. Longfor rose 8%. China Overseas Land rose 7.6%. Country Garden rose 7.1%. Non-ferrous metals rose. Chalco rose 7.1%. Luoyang Moly rose 2.9%. MMG rose 5.8%. Angang Steel rose 2.5%. Maanshan Iron rose 1.1%. Glass manufacturers rose. China Glass rose 4.96%, Flat Glass rose 4.15%. Luoyang Glass rose 5.9%. Xinyi Glass rose 2.8%. Xinyi Solar rose 3%. Natural gas prices rose. Gas suppliers rose sharply. Kunlun Gas rose 6.1%. Towngas China rose 9.5%. China Gas rose 4.7%. ENN rose 4.8%. The Broadcast Authority stopped cosmetic surgery loan advertisement. Medical beauty shares fell. Sihuan fell 15%. Raily Asmed lost 6%. A shares closed up 19 points. Hang Seng index reached a high of 24679, up 471 points, and closed up 291 points. H share index closed up 136 points, and technology index up 127 points. Turnover was $147.5 billion.

Overnight, overseas markets fell sharply. The US Congress failed to reach agreement on increasing the debt ceiling. Federal interest rates spiked. Investors sold down shares. Overseas markets lost 2%. DAX lost 352 points. CAC lost 144 points and FTSE lost 35 points. Technology led US markets’ fall. Dow Jones lost 569 points. S & P lost 90 points and Nasdaq lost 423 points. Hong Kong ADR’s lost 140 points. Night future lost 185 points. We expect the market to fall today.  
 
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