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Federal Reserve raised interest rate by 3/4%.
The Hong Kong market opened slightly higher on Wednesday. Hang Seng index opened up 43 points, H share index up 28 points and technology index up 58 points. Alibaba rose 3.7% for 5...
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Federal Reserve raised interest rate by 3/4%.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Wednesday. Hang Seng index opened up 43 points, H share index up 28 points and technology index up 58 points. Alibaba rose 3.7% for 55-point gain. Meituan rose 2.98% for 38-point gain. JD rose 3.56% for 11-point gain. On the contrary, HSBC lost 0.5% for 9-point loss. The market rose further after opening Hang Seng index rose more than 200 points. Alibaba rose 4.8% for 70-point gain. Ali Health rose 4.6%. Education shares soared. Koolearn rose 37%. New Oriental rose 15%. Scholar Education rose 12.5%. Sino Education rose 3.4%. Yuhua Education rose 3.2%. Electric car sales soared. Nio rose 15%. Li Auto rose 10.7%. XPeng rose 7%. BYD rose 1%. Technology stocks rose. Bili Bili rose 7.9%. Baidu rose 4.55%. Chinese Literature rose 3.8%. China’s May economic data showed recovery. Fixed asset investment fell 6.7%. Industrial valued added rose 0.7%. Fixed asset investment for the first five months rose 6.25. Industrial investment rose 1.6%. All the data are better than expected. Ping An’s first five months premium income rose slightly, still better than expected. Ping An rose 6.4% for 36-point gain. China Life rose 5.5% to lead the gainers. Xinhua Insurance rose 5%. CPIC rose 3.2%. CM Bank rose 3.1% for 11-point gain. HK Exchanges rose 3.3% for 26-point gain. JD rose 3.9% for 12-opint gain. Lining rose 3.5% for 10-point gain. Mainland developers rose. Country Garden rose 5%. CG Services rose 5%. CR Land rose 3.1%. China Overseas Land rose 4.67%. A shares closed the morning up 40 points. Hang Seng index reached a high of 21377 up 315 points. closed the morning up 299 points, H share index up 148 points and technology index up 118 points. Turnover was $77.5 billion.

The market rose further in the afternoon. Hang Seng index gained more than 300 points. Alibaba rose 4.94% for 72-point gain. Ping An rose 8.2% for 47-point gain. HK Exchanges rose 4.6% for 38-point gain. Meituan rose 2.36% for 30-point gain. Wuxi Biologics rose 4.9% for 22-point gain. CM Bank rose 4.8% for 17-point gain. Techtronic lost 3.6% for 10-point loss. BYD lost 2.2% for 11-point loss. ENN lost 4.26 to lead the losers for 8-oint loss. Ping An’s premium income for the first five month of 2022 rose 0.9%, better than expected. Insurers rose on the news. Ping An rose 8.55%. China Life rose 6%. Xinhua Life rose 6.2%. PICC rose 3.2%. CPIC rose 9.2%. Auto shares rose. Geely rose 3.7%. Nio rose 13%. XPeng rose 7.54%, Li Auto rose 5.7%. However, BYD lost 2.2%. Shipping stocks rose. OOIL rose 3.5%. Cosco Holding rose 4.8%. Cosco Development rose 1.3%. A shares closed up 16 points. The market’s gain narrowed in the afternoon due to profit taking. Hang Seng index rose more than 200 points. Hang Seng index closed up 240 points, H share index up 119 points and technology index up 107 points. Turnover was $149.1 billion.

Overnight, overseas markets rose. DAX rose 181 points. CAC rose 80 points and FTSE rose 86 points. The Federal Reserve raised interest rate by 3/4% but warned that it would raise interest rate aggressively. US markets rose. Dow Jones rose 303 points. S & P rose 54 points. Nasdaq rose 271 points. Hong Kong ADR’s rose 33 points. Night future rose 45 points. We expect the market to rise today.  
 
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