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COP26 reached a compromised agreement.
The Hong Kong market opened sharply higher on Friday. Hang Seng index opened up 275 points, H share index up 138 points and technology index up 112 points. Technology stocks led th...
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COP26 reached a compromised agreement.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened sharply higher on Friday. Hang Seng index opened up 275 points, H share index up 138 points and technology index up 112 points. Technology stocks led the rally. Meituan rose 2.62% for 61-point gain. Tencent rose 2.14% for 44-point gain. Alibaba rose 0.98% for 20-point gain. Wuxi Biologics rose 2% for 15-point gain. Ping An rose 1.61% for 12-point gain. Mainland developers led the blue chips. Longfor rose 5.2% and CR Land rose 4.5% to top the gainers. Haidilao made placement to raise money. Share price lost 5.4% to top the losers. Internet stocks rose. Netease rose 5.7%. JD rose 4.98%. Zhongan rose 2.5%. Solar power stocks rose. GCL rose 5%. Xinyi Solar rose 2.24%. Xinte Energy rose 2.7%. A shares opened up 1 point. The market’s gain narrowed after opening. The US Customs Department decided not to impose additional tariff on China made solar panels. Solar power related shares rose. GCL rose 10%. Flat Glass rose 3.74%. Xinyi Solar rose 2.6%. Handset suppliers were mixed. Sunny Optical rose 5% to lead the blue chips. However, AAC lost 1.3%. SMIC lost several top executives. Share price fell 4.9%. Razer soared 13%. Tesla suppliers were mixed. LK Tech rose 4.4% but Eva Holding lost 2.6%. Micropot list of companies rose. Micropot rose 6.4%. Medbot rose 10%. Cardioflow rose 4%. A shares closed the morning down 0.22 point. Hang Seng index closed up 55 points, H share index oup 30 points and technology index up 59 points. Turnover was $77.3 billion.

The market turned from gain to loss momentarily. Hang Seng index fell to a low of 25210 points, down 38 points. Alibaba’s double 11 sales fell short of expectation. Share price lost 1.65%, for 34-point loss. Alibaba dragged down Hong Kong market. Yet, JD rose 4.9%. On the contrary, Meituan rose 3.2% for 75-point gain. Tencent rose 1.5% for 31-point gain. Sunny Optical rose 3.7% for 11-point gain. AIA rose 0.5% for 10-point gain. UK would allow the use of electronic cigarette to help addicts to stop smoking. Smoore rose 14.2%. Beverage stocks rose. Budweiser rose 2%. CR Beer rose 2%. Tsingtao Beer rose 1%. Anta Sports rose 2.44%. Li-Ning rose 0.7%. Resources stocks fell. Coal miners fell. China Shenhua lost 1.33%. China Coal lost 3.37%. Yanzhou Coal lost 1.66%. Steelmakers fell. Angang Steel lost 2.8%. Maanshan Iron lost 2.7%. Non-ferrous metals fell. Chalco lost 1.2%. Jiangxi Copper lost 0.6%. Luoyan Moly lost 1.3%. Mainland developers were mixed. China Evergrande managed to repay bond interest avoiding default. Share price rose 12%. However, Sunac lost 2.4%. China Aoyuan lost 2.9%. R & F lost 4.1%. A shares closed up 6 points. Hang Seng index closed up 80 points, H share index up 66 points, and technology index 101 up points. Turnover was $135.4 billion.

Over last Friday night, overseas markets mostly rose. DAX rose 11 points. CAC rose 32 points but FTSE lost 36 points. US markets rose again on the strength of technology stocks, Dow Jones rose 179 points. S & P rose 33 points. Nasdaq rose 156 points. ADR’s lost 3 points. Night future rose 43 points. We expect the market to fall today.  
 
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