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The Hong Kong market continued to rebound on the strength of technology stocks.
The market continued to rebound on Friday. Investors went bargain hunting. Hang Seng index opened up 246 points, H share index up 60 points and technology index up 73 points. Aliba...
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The Hong Kong market continued to rebound on the strength of technology stocks.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market continued to rebound on Friday. Investors went bargain hunting. Hang Seng index opened up 246 points, H share index up 60 points and technology index up 73 points. Alibaba rose 4.54% to lead the gainers for 77-point gain. Meituan rose 2.87% for 46-point gain. HSBC rose 2.24% for 42-point gain. AIA rose 2.13% for 38-point gain. Tencent rose 1.8% for 32-point gain. On the other hand, CCB lost 1.08% for 12-point loss. Longfor lost 2.69% to lead the losers. A shares opened up 9 points. The market’s gain narrowed after opening. Hang Seng index gained more than 100 points. Mainland developers were mixed. Privately owned enterprises fell. Shiman’s subsidiary failed to repay obligations. Shimano crashed 16%. Shimao Service lost 11%. However, State owned developers rose. CR Land rose 6.67% and China Overseas Land rose 6.63% to lead the gainers. Handset suppliers fell. Sunny Optical lost 5.83% to become the top loser. AAC lost 4%. Auto stocks fell. Geely lost 4.8% for 10-point gain. BYD lost 2.33%. Sportswear shares fell. Li-ning lost 2.2%. Anta lost 2.6%. Pork producers fell. Yurun Food lost 6.9%. Cofco Meat lost 1.7%. Internet stocks rose. GDS rose 5%. Autohome rose 4.2%. Baidu rose 3.8%. JD rose 3%. A shares closed the morning up 12 points. Hang Seng index reached a high of 23383, up 310 points and closed the morning up 265 points. H share index closed up 103 points and technology index up 44 points. Turnover was $74.3 billion.

The market’s gain widened in the afternoon. Hang Seng index rose more than 400 points. Technology stocks led the rally. Alibaba rose 5.5% for 92-point gain. HSBC rose 2.2% for 42-point gain. HK Exchanges rose 3.5% for 349-point gain. Ping An rose 3.5% for 24-point gain. Tencent rose 1.65% for 30-point gain. Meituan rose 1.6% for 25-point gain. On the contrary, industrial stocks fell. Sunny Optical lost 5.23% for 16-point loss. Techntronic lost 4.1% for 17-point loss. Mainland developers and oils rose. China Overseas Land rose 9.8% and Petrochina rose 6% to lead the blue chips. Infrastructure plays rose. China Railway rose 5%. China Rail Construction rose 4.4%. Zoomlion rose 3.66%. Conch Cement rose 4.4%. CR Cement rose 5%. CNBM rose 5.97%. China Lesso rose 10%. Steelmakers rose sharply. Chongqing Iron rose 9.3%. Angang rose 5.6%. Maanshan Iron rose 4.3%. Chalco rose 5.5%. A shares closed down 6 points. Hang Seng index reached a high of 23497, up 424 points, and closed up 420 points. H share index closed up 162 points and technology index up 107 points. Turnover was $147.2 billion.

Over last Friday night, overseas markets mostly fell. DAX lost 104 points. CAC lost 40 points but FTSE rose 35 points. US markets fell for the fourth straight day. Dow Jones lost 5 points. S & P lost 19 points and Nasdaq lost 145 points. Hong Kong ADR’s lost 5 points. Night future rose 101 points. We expect the market to fall today.
 
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