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Pork producers soared in directionless trading.
The Hong Kong market opened higher on Tuesdsay. Hang Seng index opened up 126 points, H share index up 46 points and technology index up 25 points. Alibaba rose 2.96% for 48-point ...
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Pork producers soared in directionless trading.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesdsay. Hang Seng index opened up 126 points, H share index up 46 points and technology index up 25 points. Alibaba rose 2.96% for 48-point gain. AIA rose 1.14% for 20-point gain. Tesla soared 13% in US trading. BYD rose 4.1% to lead the gainers for 17-point gain. On the contrary, Wuxi Biologics lost 3.4% for 20-point loss. Apple reached US$3 trillion in market capitalization. AAC rose 2.76%. Cowell rose 2.2%. A shares opened up 9 points. Sensetime rose 24% to reach $9.70. Chinese medicine shares rose again. Purapharm rose 14.3%. JBM Healthcare rose 6.5%. Traditional Chinese Medicine rose 6%. Gushengtang rose 4%. The market turned from gain to loss after opening. Alibaba’s gain narrowed. In addition, Wuxi Biologics lost 6.8% for 39-point loss. Tencent lost 1.21% f or23-point loss. HK Exchanges lost 1.67% for 17-point loss. Li-ning lost 3.6% for 13-point loss. Techtronic lost 2.8% for 12-point loss. Mainland developers rose. Shimao rose 11.1%. China Aoyuan rose 10.3%. R & K rose 9.6%. The Government ordered internet companies not to use AI to facilitate sales. Internet stocks fell. JD lost 3.25%. Netease lost 2.65%. Bili Bili lost 7.4%. Weimob lost 4.8%. PA Good Doctor lost 3.1%. Zhongan lost 2.7%. A shares closed the morning down 12 points. Hang Seng index closed the morning down 68 points, H share index down 37 points and technology index down 81 points. Turnover was $65.6 billion.

The market turned from loss to gain. Hang Seng index reached a high of 23364, up 89 points. HSBC rose 1.9% for 35-point gain. Alibaba rose 1.4% for 22-point gain. BYD rose 3.5% for 14-point gain. Ping An rose 2% for 13-point gain. On the contrary, Meituan lost 3.5% for 40-point loss. Wuxi Biologics lost 6% for 35-point loss. Li-ning loste 8% for 28-point loss. Tencent lost 1% for 20-point loss. The price of pork rebounded. Pork producers soared. Putian Food rose 38%. Yurun Food rose 24%. Cofco Joywise rose 14%. WH Group rose 2.8%. Local government launched initiatives to stimulate sales of residential property. Mainland properties rose. China Overseas Land rose 5.4%. Longfor rose 4.6%. CR Land rose 3%. China Evergrande resumed trading and rose 10% before retreating. AAC rose 7.2% to lead the blue chips. Pork producers soared on higher pork prices. Putian Food rose 38%. Yurun Food rose 24%. Cofco Joycome rose 14%. WH Group rose 2.8%. Mainland coal prices rose sharply. Power generators fell sharply. CR Power lost 11.3%. China Power lost 10%. Huaneng lost 8.5%. Datang Power lost 8%. A shares closed down 7 points. Hang Seng index closed up 15 points, H share index down 8 points and technology index down 58 points. Turnover was $118.3 billion.

Overnight, overseas markets were mixed. European markets rose. DAX rose 132 points. CAC rose 100 points and FTSE rose 121 points. US markets were mixed. Dow Jones rose 214 points. Yet, S & P lost 3 points and Nasdaq lost 210 points. Hong Kong ADR’s rose 54 points. Night future lost 53 points. We expect the market to fall today.

 
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