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The Hong Kong market rebounded as investors believed that Alibaba would soon relaunch the Ant IPO.
The market opened sharply lower on Friday. Hang Seng index opened down 346 points, H share index down 135 points and technology index down 121 points. Alibaba denied any plans to r...
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The Hong Kong market rebounded as investors believed that Alibaba would soon relaunch the Ant IPO.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened sharply lower on Friday. Hang Seng index opened down 346 points, H share index down 135 points and technology index down 121 points. Alibaba denied any plans to relaunch the Ant IPO. Share price lost 3.3% for 51-point loss. Meituan lost 3.2% for 41-point loss. Tencent lost 2.6% for 35-point loss. HSBC lost 1.3% for 26-point loss. HK Exchanges lost 2.14% for 18-point loss. AIA lost 1.3% for 14-point loss. Wuxi Biologics lost 2.7% for 14-point loss. A shares opened down 25 points. The market was little changed in early morning. Sunny Optical lost 4.2% on lower delivery in May. Shipping stocks fell again. OOIL lost 3%. Cosco Holding lost 4%. Macau gaming stocks fell. Galaxy lost 2%. Sands lost 1.4%. Technology stocks lost the most. Bili Bili lost 11.5%. GDS lost 6%. . Then the market rebounded on CPI and PPI for May. Both figures were better than expected. The market started to rebound. Investors believed that the Ant IPO would soon be relaunched. Technology stocks staged a strong rebound. Alibaba rose 1.7% for 25-point gain. Meituan rose 1.4% for 20-point gain. BYD rose 3.8% for 18-point gain. Hang Seng index sank to a low of 21488, down 381 points at the lowest level. The market rebounded on the strength of technology stocks. Hang Seng index closed the morning down only 40 points. H share index closed up 12 points and technology stocks rose 42 points. Turnover was $76.8 billion.

The market continued to rebound in the afternoon. Heavyweights rose again. BYD rose 5.5% for 29-point gain. Alibaba rose 2% for 29-point gain. Meituan rose 2.3% for 29-point gain. Lining rose 4.2% for 12-point gain. Geely rose 6% to lead the gainers for 10-point gain. On the other hand, financials fell. AIA lost 2.12% for 24-point loss. HSBC lost 1% for 20-point loss. CCB lost 0.9% for 11-point loss. Technology stocks rose. Ming Yuan Cloud rose 11.3%. Kingsoft rose 10%. BYD Electronics rose 9.35%. Li Auto rose 5.1%. Ali Health rose 4.56%. Auto stocks rose. Geely rose 6%. BYD rose 5.5%. Great Wall rose 8.4%. Li Auto rose 5%. Mainland developers fell. Longfor lost 8% to lead the losers. CG Services lost 3.66%. CR Land lost 3.2%. China Overseas Land lost 2.2%. Country Garden lost 1.9%. Hang Seng index reached a high of 21935, up 66 points. However, the market retreated from intraday high. Financials led the fall. Hang Seng index turned from gain to loss. A shares closed up 46 points. Hang Seng index closed down 63 points. H share index closed up 3 points and technology index up 76 points. Turnover was $ 180.5 billion.

Last Friday, overseas markets fell sharply as inflation kept on rising. DAX lost 437 points. CAC lost 171 points and FTSE lost 158 points. US May CPI rose to 8.6%, a 40-year high. Interest rates spiked and stocks crashed. Dow Jones lost 880 points. S & P lost 117 points and Nasdaq lost 414 points. Hong Kong ADR’s lost 267 points. Night future lost 369 points. We expect the market to fall today. 
 
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