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Banks and technology stocks led the market’s rally.
The Hong Kong market opened slightly higher on Monday. Hang Seng index opened up 30 points, but H share index opened down 0.4 point and technology index down 4 points. HSBC rose 1....
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Banks and technology stocks led the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Monday. Hang Seng index opened up 30 points, but H share index opened down 0.4 point and technology index down 4 points. HSBC rose 1.4% for 28-point gain. Tencent rose 1.1% for 17-point gain. However, Meituan lost 0.98% for 16-point loss. CSPC rose 2.5% to lead the gainers. CR Land lost 2.35% to lead the losers. A shares opened down 7 points. The market turned from gain to loss after opening. Blue chips fell. Alibaba lost 2.1% for 38-point loss. Meituan lost 2.1% for 30-point loss. AIA lost 1.2% for 14-point loss. Wuxi Biologics lost 2.1% for 12-point loss. BYD lost 2.67% for 12-point loss. The market had support at low level. HSBC and Tencent led the market’s rebound. HSBC rose 2.7% for 55-point gain. Tencent rose 2.9% for 43-point gain. Meituan rose 2.7% for 40-point gain. Wuxi Biologics rose 2.7% for 39-point gain. CCB rose 1.8% for 20-point gain. Technology stocks rebounded. Ali Health rose 13%. Ming Yuan Cloud rose 11%. Kuaishou rose 10%. Pharmaceutical stocks rose. CSPC rose 5.8%. Sino Biopharm orse 5.8%.

The market’s gain narrowed in the afternoon. Hang Seng index gained more than 100 points. HSBC rose 2.8% for 55-point gain. Tencent rose 2.1% for 40-point gain. CCB rose 1.96% for 32-point gain. Wuxi Biologics rose 2.3% for 13-point gain. However, Alibaba lost 1% for 18-point loss. AIA lost 1.66% for 18-point loss. Techtronic lost 6.1% to become the top loser for 24-point loss. Food manufacturers rose. Want Want rose 7% to set record high. Tingyi rose 2.3%. Nissin Foods rose 1.4%. Glass manufacturers raised the price of flat glass. Glass shares rose. Fuyao Glass rose 8.2%. Xinyi Glass rose 2.25%. Flat Glass rose 3.4%. China Glass rose 1.7%. Chalco rose 3.6%. Jiangxi Copper rose 1.5%. The market rose further in late afternoon trading. Tencent rose 2.8% for 50-point gain. CCB rose 3% for 34-point gain. HK Exchanges rose 2.45% for 24-point gain. Property management shares rose. CG Service rose 8%. Shimao Service rose 15%. A Living rose 5.55%. A shares closed up 14 points. Hang Seng index closed up 253 points, H share index up 134 points and technology index up 121 points. Turnover was $138.7billion.

Overnight, overseas markets were mixed. DAX lost 179 points. CAC lost 104 points and FTSE lost 40 points. US markets opened sharply lower but rebounded at the close. Dow Jones closed down 163 points and S & P down 7 points. Nasdaq lost 2% in early trading but closed up 7 points. Hong Kong ADR’s lost 40 points. Night future lost 105 points. We expect the market to fall today.
 
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