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Technology stocks led the market’s rally.
The Hong Kong market opened sharply higher on Wednesday. Hang Seng index opened up 330 points, H share index up 124 points and technology index up 130 points. Technology stocks led...
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Technology stocks led the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened sharply higher on Wednesday. Hang Seng index opened up 330 points, H share index up 124 points and technology index up 130 points. Technology stocks led the rally. Meituan rose 3.85% for 56-point gain. Alibaba rose 2.4% for 41-point gain. Tencent rose 2.6% for 40-point gain. CNOOC promised to pay out 40% as dividend. Share price rose 10% to lead the blue chips for 31-point gain. JD rose 8.6% for 29-point gain. Wuxi Biologics rose 4.1% for 28-point gain. The market rose further after opening. Hang Seng index rose more than 400 points. Technology stocks followed blue chips higher. Ming Yuan Cloud rose 6.2%. GDS rose 5.7%. Weimob rose 4.3%. Baidu rose 3.9%. The market rose further near midday. Hang Seng index soared more than 500 points. Meituan rose 8.6% for 127-point gain. Alibaba rose 4.6% for 80-point gain. Tencent rose 3.2% for 50-point gain. AIA rose 3.4% for 36-point gain. JD rose 10% for 34-point gain. A shares closed the morning up 12 points. Hang Seng index closed the morning up 502 points, H share index up 183 points and technology index up 216 points. Turnover was $81.5 billion.

The market maintained its gain in the afternoon. Hang Seng index soared more than 500 points. Meituan rose 9.4% for 138-point gain. Alibaba rose 5.9% for 102-point gain. Tencent rose 4.3% for 67-point gain. AIA rose 3.7% for 40-point gain. JD rose 11% for 37-point gain. Wuxi Biologics rose 5.7% for 34-point gain. CNOOC rose 8.4% for 30-point gain. Electric car sales in 2022 in China are projected to increase 47% over 2021. Electric car shares rose. BYD rose 7.1%. GAC rose 8.7%. XPeng rose 10%. Li Auto rose 8.3%. GAC rose 10%. Geely rose 4.3%. Macau gaming stocks rose. Galaxy rose 3.2%. Sands srose 3.15%. Semiconductor shares rose. SMIC rose 2.4%. Huahong rose 4.3%. Restaurant shares rose. Jiumaojiu rose 14%. Haidilao rose 3.2%. Shabu Shabu rose 1.6%. A shares closed up 30 points. Hang Seng index closed at the highest point of 24402 up 663 points, H share index up 243 points, and technology index up 280 points. Turnover was $153.9 billion.

Overnight, overseas markets rose. DAX rose 68 points. CAC rose 54 points and FTSE rose 60 points. December CPI rose to 7%, a 20-year high but within expectation. The market had already digested the news. US markets rose again. Dow Jones rose 38 points; S & P rose 13 points and Nasdaq rose 35 points. Hong Kong ADR’s rose 78 points and night future rose 168 points. We expect the market to rise again today.
 
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