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Hong Kong shares rose for the week for the first time in May.
The Hong Kong market rose sharply last Friday. 5-year LPR was lower by 15 basis points. Hang Seng index opened up 350 points. H share index rose 140 points and technology index ros...
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Hong Kong shares rose for the week for the first time in May.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/05/23 09:18
The Hong Kong market rose sharply last Friday. 5-year LPR was lower by 15 basis points. Hang Seng index opened up 350 points. H share index rose 140 points and technology index rose 130 points. Alibaba rose 3.54$% for 41-point gain. Meituan rose 3.4% for 35-point gain. HSBC rose 1.7% for 32-point gain. Tencent rose 2.3% for 26-point gain. AIA rose 2% for 21-point gain. BBC rose 1.1% for 13-point gain. CMB Bank rose 3.6% for 13-point gain. Suny Optical rose 4.9% to become the top gainer at opening. Mainland developers rebounded. Country Garden rose 4%. CG Services rose 3%. Longfor rose 2.66%. China Overseas Land rose 2.52%. The market rose further after opening. Hang Seng index soared more than 400 points. Auto stocks rose. BYD rose 4.4% for 20-point gain. Geely rose 3%. Nio rose 8.25%. XPeng rose 6.1%. Technology stocks rose. Xiaomi’s results met expectation. Share price rose 6%. JD rose 4.7%. GDS rose 9.3%. Bili Bili rose 6.4%. Baidu rose 6.1%. Coal miners rose sharply. Yankuang rose 8.9%. China Shenhua rose 4.4%. China Coal rose 6.2%. Non-ferrous metals rose. Jiangxi Copper rose 3.2%. Chalco rose 5.8%. MMG rose 2.5%. Hang Seng index reached a high of 20603, up 482 points. However, it could not hang on to high level and retreated. A shares closed the morning up 34 points. Hang Seng index closed the morning up 369 points, H share index up 147 points and technology index up 143 points. Turnover was $625 billion.

The market rose further in the afternoon. Hang Seng index gained more than 500 points. Alibaba rose 5.1% for 60-point gain. Meituan rose 4.5% for 49-point gain. Tencent rose 3.3% for 38-point gain. HSBC rose 1.9% for 36-point gain. AIA rose 3.4% for 36-point gain. Wuxi Biologics rose 8% to lead the blue chips for 30-point gain. CM Bank rose 7.4% for 26-point gain. Medical shares rose. Cansino rose 10%. Tigermed rose 6.67%. Zai Lab rose 5.45%. Innovent rose 5.3%. Medbot rose 6.8%. Chunli Medical rose 6.7%. Handset suppliers rose. Sunny Optical rose 4.9%. AAC rose 4.8%. Foxconn rose 9.8%. Hengten rose 6.9%. Tongda rose 7.2%. Electric car shares rose. BYD rose 3%. Nio rose 8.5%. XPeng rose 7.6%. Li Auto rose 3.7%. Hang Seng index soared more than 600 points in midafternoon. Alibaba rose 5.6% for 75-point gain. AIA rose 3.8% for 65-point gain. Meituan rose 4.8% for 61-point gain. Tencent rose 3.8% for 50-point gain. Shanghai Composite index closed up 49 points. Hang Seng index reached a high of 20794, up 674 points and closed up 596 points. H share index closed up 221 points and technology index up 193 points. Turnover was $122.7 billion.

Over last Friday night, overseas markets were mixed. DAX rose 99 points. CAC rose 12 points and FTSE rose 87 points. US markets rose first but retreated at the close. Dow Jones rose only 9 points and S & P rose a fraction. Nasdaq fell 34 points. Hong Kong ADR’s lost 168 points. Night future lost 302 points. We expect the market to fall today.
 
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