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The Hong Kong market continued to advance. Retailers led the rally.
The Hong Kong market opened higher on Monday. Hang Seng index opened up 236 points, H share index up 85 points and technology index up 71 points. Meituan rose 3% for 31-point gain....
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The Hong Kong market continued to advance. Retailers led the rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Monday. Hang Seng index opened up 236 points, H share index up 85 points and technology index up 71 points. Meituan rose 3% for 31-point gain. HSBC rose 1.25% for 26-point gain. AIA rose 2.1% for 22-point gain. Techtronic rose 5% to lead the blue chips for 14-point gain. A shares opened up 11 points. Retail shares rose. Lining rose 6.5%. Mengniu rose 2%. Haidilao rose 3.6%. Anta Sports rose 2.9%. CR Beer rose 2.8%. Oil stocks rose. CNOOC rose 2.83%. Petrochina rose 1%. The market rose further after opening. Shanghai announced 50 measures to restart the economy after lockdown. Hang Seng index rose more than 400 points, and reached a high of 21167, up 470 points. Retailers led the rally. Lining rose 9% for 22-point gain to lead the blue chips. Haidilao rose 8%. CR Beer rose 7%. Among the heavyweights, Meituan rose 7.4% for 78-point gain. Alibaba rose 8% for 21-point gain. Tencent rose 2.1% for 24-point gain. JD rose 4.7% for 11-point gain. HK Exchanges rose 3.6% for 30-point gain. Kuaishou rose 4%. A shares closed the morning up 15 points. The market’s gain narrowed before midday. Hang Seng index closed the morning up 387 points, H share index up 157 point and technology index up 130 points. Turnover was $73.5 billion.

The market rose further in the afternoon. Hang Seng index gained more than 400 points. Meituan rose 6.8% for 70-point gain. Alibaba rose 3% for 38-point gain. Tencent rose 2.3% for 27-point gain. Lining rose 10% to lead the gainers for 21-point gain. AIA rose 1.45% for 16-point gain. Ping An rose 2.4% for 14-point gain. Retailers rose further. Lining rose 10%. Anta Sports rose 4.6%. Haidilao rose 9.1%. CR Beer rose 7.3%. Tsingtao Beer rose 6.1%. Jiumaojiu rose 10%. Shabu Shabu rose 6.3%. Pharmaceutical shares rose. CSPC rose 3.9%. Wuxi Biologics rose 3.2%. Sino Biopharm rose 1.4%. Innovent rose 3.2%. Kintor rose 4.2%. Genscript rose 5%. Beigene rose 4.2%. Handset suppliers rose. Sunny Optical rose 7.2%. AAC rose 3.3%. A shares closed up 19 points. Mainland developers fell against the rising market. CR Land lost 2.4%. Longfor lost 1.3%. Country Garden lost 1%. Hang Seng index closed up 426 points, H share index up 172 points, technology index up 165 points. Turnover was $128.8 billion.

Overnight, European markets edged higher. The EU reached an accord to phase in boycott of Russian oil. Oil rose again. DAX rose 114 points. CAC rose 46 points and FTSE rose 14 points. US markets were closed for Memorial Day holiday. Night future lost 80 points. The market soared for two consecutive sessions. Hang Seng index rose 1007 points. The market is overbought for the short term. We expect the market to retreat today.
 
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