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Technology stocks soared to lift the market from its bear-market doldrums.
The market opened slightly lower on Friday. Blue chips were range bound and mixed. Hang Seng index opened down 4 points, H share index down 20 points and technology index down 14 p...
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Technology stocks soared to lift the market from its bear-market doldrums.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/05/03 09:25
The market opened slightly lower on Friday. Blue chips were range bound and mixed. Hang Seng index opened down 4 points, H share index down 20 points and technology index down 14 points. The EU banned the import of crude oil from Russia. Crude oil rose and helped lift oil stocks. CNOOC rose 6.6% to become the top gainer for 25-point gain. Petrochina rose 1.9%. Sinopec rose 0.5%. AIA’s first quarter results were better than expected. Share price rose 2.1% for 22-point gain. On the contrary, HSBC lost 0.82% for 16-point loss. CCB lost 1.1% for 13-point loss. A shares opened up 10 points. The market fell further after opening, as Hang Seng index lost more than 100 points. HSBC lost 1.33% for 26-point loss. Meituan lost 1.4% for 14-point loss. Alilbaba lost 0.7% for 10-point loss. Hang Lun Property lost 5.3% to become the top loser. The market fell further in midmorning as Hang Seng index fell to a low of 20040, down 236 points. Financials led the fall. HSBC lost 1.53% for 30-point loss. CCB lost 1.6% for 20-point loss. Ping An lost 1.9% for 12-point loss. ICBC lost 1.7% for 11-point loss. Techtronic lost 3.5% for 10-point loss. A shares closed the morning up 11 points. The market turned from loss to gain. Hang Seng index soared 600 points. Tencent rose 7.3% for 83-point gain. Alibaba rose 11% for 138-point gain. Meituan rose 8.5% for 81-point gain. Hang Seng index closed up points, H share index up points and technology index up points. Turnover was $ billion.

The market soared in the afternoon. Hang Seng index surged more than 800 points. Technology stocks led the rally. Alibaba rose 17% for 213-point gain. Tencent rose 11.2% for 132-point gain. Meituan rose 15% for 145-point gain. JD rose 21% for 61-point gain. HK Exchanges rose 4.3% for 57-point gain. Second line technology stocks rose sharply. Bili Bili rose 15%. GDS rose 13.5%. Ali Health rose 12%. JD Health rose 12%. Kuaishou rose 9.2%. Baidu rose 0.1%. Online game stocks soared. Forgame rose 21%. XD rose 15%. Netease rose 7.8%. Netdragon rose 4.9%. Hang Seng index soared to a high of 21176, up 900 points. However, the market could not hold on to its gain and retreated. Still Hang Seng index maintained a gain of 600 points. The Central Government would loosen control of internet platforms to let them contribute to economic growth. Internet platform shares soared by more than 10% and lifted the market from its recent bear-market doldrums. Hang Seng index closed up 813 points, H share index up 380 points and technology index up 405 points. Turnover was $165.1 billion.

Last Friday, overseas markets crashed. US market fell more than 3%. Nasdaq lost 4%. Amazon reported slowdown in online sales. Share price crashed 14%. Dow Jones and S & P both lost 3%+. Overnight, overseas markets were mixed. European markets fell. US markets first fell but recovered at the close. Dow Jones rose 84 points. S & P rose 23 points and Nasdaq rose 201 points. Hong Kong ADR’s lost 238 points. Night future lost 272 points. We expect the market to fall today.
 
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