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The CEO of China Merchants Bank was fired suddenly.
The market opened slightly higher on Thursday. Hang Seng index opened up 89 points, H share index up 54 points and technology index up 46 points. Technology stocks led the rally. T...
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The CEO of China Merchants Bank was fired suddenly.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly higher on Thursday. Hang Seng index opened up 89 points, H share index up 54 points and technology index up 46 points. Technology stocks led the rally. Tencent rose 1.4% for 17-point gain. Meituan rose 1.56% for 15-point gain. BYD rose 2.8% to lead the gainers for 11-point gain. On the contrary, Alibaba lost 0.86% for 12-point loss. AIA lost 1.06% for 11-point loss. A shares opened up 21 points. The market was little changed in early morning. Hang Seng index gained under 100 points. The Government supported measures to boost electric car sales. Auto shares rose. BYD rose 4%. Geely rose 3.6%. XPeng rose 5%. Nio rose 2.7%. Li Auto rose 4.8%. GAC rose 4.3%. Mainland developers rose. CG Services rose 2.7%. Country Garden rose 2.5%. China Overseas Land rose 2.3%. CR Land rose 2.2%. The State Inspection Bureau entered into investigation of Ant Group. Alibaba lost 4.2% for 56-point loss. Baltic dry cargo index rose for two days. Shipping stocks rose. Pacific Basin rose 7.8%. The market rose further in midmorning due to gains in auto stocks. BYD rose 5.76% for 23-point gain. Ping An rose 2% for 14-point gain. Meituan rose 1.75% for 16-oint gain. CM Bank rose 2.4% for 11-point gain. Airlines rose. China Eastern rose 2.3%. China Southern rose 3.8%. Air China rose 4.3%. Smoore repurchased shares. Share price rose 11%. A shares closed the morning up 23 points. Hang Seng index reached a high of 21555 points, up 181 points. The market’s gain narrowed near midday. Hang Seng index closed the morning up 79 points, H share index up 48 points and technology index up 39 points. Turnove was $49.1 billion.

The market rose further in the afternoon. Hang Seng index gained more than 100 points. BYD rose 5.3% for 21-point gain. Ping An rose 3.4% for 22-point gain. Wuxi Biologics rose 3.9% for 17-point gain. Li-ning rose 3.8% for 18-point gain. CM Bank rose 2.2% for 10-point gain. On the other hand, Alibaba lost 3% for 42-point loss. HSBC lost 0.56% for 12-point loss. Gold rose sharply. Gold miners rose. China Gold rose 5.4%. Zijin rose 1.3%. Zhaojin rose 2.3%. Renewable energy stocks rose. GCL rose 4%. Xinyi Solar rose 1.9%. Xinte rose 1.7%. Goldwind rose 4.1%. Coal miners rose again. Yankuang rose 4.8%. China Coal rose 3.5%. China Shenhua rose 1.34%. Metals rose. Chalco rose 3.7%. Jiangxi Copper rose 2.2%. Angang rose 2.6%. Maanshan Iron rose 1.8%. Chongqing Iron rose 2.4%. The Hong Kong Government relaxed quarantine controls and allow dinner at restaurants. Restaurant shares rose. Café Coral rose 3.3%. Tai Hing rose 5.3%. Technology stocks rose. JD Health rose 5.6%. Huahong Semiconductor rose 5.4%. Kingdee rose 4.35%. Haier rose 3.7%. Consumption stocks rose. Haidilao rose 6.8%. Li-ning rose 4%. Anta Sports rose 2.6%. CR Beer rose 5.35%. Budweiser rose 1.7%. A shares closed up 39 points. Hang Seng index reached a high of 21587, up 213 points and closed up 144 points. H share index closed up 71 points and technology index up 51 points. Turnover was $98.9 billion.

European markets were closed. US markets fell as 10-year treasury yield rose to 3-year high. Dow Jones lost 39 points. S & P lost 1 point and Nasdaq lost 19 points. Hong Kong ADR’s lost 194 points. Night future lost 169 points. The CEO of CM Bank was suddenly fired. We expect the market to fall today.  
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