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Hong Kong shares were range bound. Sensetime rebounded 7%.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 223 points, H share index up 96 points and technology index up 73 points. Financials and technology stocks ...
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Hong Kong shares were range bound. Sensetime rebounded 7%.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/07/06 09:27
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 223 points, H share index up 96 points and technology index up 73 points. Financials and technology stocks led the rally. Alibaba rose 2.74% for 45-point gain. Meituan rose 1.9% for 25-point gain. AIA rose 0.9% for 15-point gain. CCB rose 0.95% for 10-point gain. ENN rose 3.16% to lead the gainers at opening. A shares opened up 14 points. The market rose further after opening. Hang Seng index gained more than 300 points. Xaixin June PMI came in at 54.5, much better than May. The news drove up China and Hong Kong markets. Hang Seng index reached a high of 22198, up 368 points. Alibaba rose 3.9% for 60-point gain. HSBC rose 1.75% for 32-point gain. The US is expected to lower trade tariffs on consumer products produced in China this week. Exporters rose on the news. Shenzhou International rose 5.5%. Techtronic rose 3.4%. Consumption stocks rose. CR Beer rose 2.75%. Mengniu rose 2.3%. Anta Sports rose 3.4%. Haidilao rose 1.8%. Li-ning rose 1.5%. Ali Health rose 7.5% to become the top gainer. Auto stocks also rose. Geely rose 3.73%. Nio rose 3.1%. Li Auto rose 3.55%. XPeng rose 4%. Auto parts shares also rose. Minth rose 2.4%. Nexteer rose 2.2%. However, Sunny Optical lost 4.1% to become the top loser. AAC lost 1.7%. Xiaomi lost 2.6%. JL Mag rose 9% on positive profit alert. The market could not hang on to its gain and retreated. Hang Seng index gained about 100 points. Wuxi Biologics rose 8% for 46-point gain. However, both Alibaba and HSBC fell to drag down the market. Auto stocks turned from gain to loss. A shares closed down 6 points. Hang Seng index closed the morning up 125 points, H share index up 26 points and technology index up 11 points. Turnover was $73.3 billion.

The market’s gain narrowed further in the afternoon. Hang Seng index rose under 100 points. Alibaba rose 2.4% for 40-point gain. Wuxi Biologics rose 6.8% for 36-point gain. HSBC rose 0.88% for 15-point gain. However, Meituan lost 1.84% for 24-point loss. Xiaomi lost 2.9% for 11-point loss. Medical and pharmaceutical shares rose. Yidu Technology rose 10%. Keymed rose 9.7%. Sisram rose 5.5%. Kingworld rose 5.7%. Pharmaron rose 5%. Genscript rose 4.7%. Dah Sing Financial soared 18% on large transaction. Dah Sing Banking r ose 3.6%. The gain almost completely disappear in midafternoon. Meituan, Xiaomi and HK Exchanges fell further to drag down the market. Meituan fell 2% for 26-point loss. HK Exchannges lost 1.7% for 15-point loss. Xiaomi lost 3.6% for 13-point loss. Alibaba rose 2.3% for 39-point gain. Wuxi Biologics rose 6.8% for 36-point gain. AIA rose 0.9% for 15-point gain. A shares closed down 1 point. Hang Seng index closed up 23 points. H share index closed down 5 points and technology index down 22 points. Turnover was $122.6 billion.

Overnight, overseas markets were mixed. European markets fell almost 3%. DAX lost 372 points. CAC lost 160 points and FTSE lost 207 points. US markets were mixed. Dow Jones lost 129 points but S & P rose 6 points and Nasdaq rose 194 points. Hong Kong ADR’s lost 49 points. Night future lost 74 points. The US is expected to announce cutting import duty on US$10 billion worth of Chinese imports, mainly consumer products. We expect the market to rise today.
 
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