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Hong Kong stocks soared on the news that Alibaba applied to use Hong Kong as the primary place of listing.
The market opened higher on Tuesday. Hang Seng index opened up 114 points, H share index up 32 points and technology index up 24 points. Technology stocks led the rally. Alibaba ro...
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Hong Kong stocks soared on the news that Alibaba applied to use Hong Kong as the primary place of listing.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Tuesday. Hang Seng index opened up 114 points, H share index up 32 points and technology index up 24 points. Technology stocks led the rally. Alibaba rose 3.4% to become the top gainer for 49-point gain. HSBC rose 1.64% for 27-point gain. HK Exchanges rose 2.1% for17-point gain. CR Beer rose 3% to become the second top gainer for 5-point gain. On the contrary, Tencent losgt 0.55% for 4-point loss. Mengniu lost 1.23% to become the top loser at opening. A shares opened up 4 points. The market was little changed after opening. Hang Seng index gained more than 100 points. Macau gaming stocks rebounded. Sands rose 3.8%. Galaxy rose 1.6%. Oils rose. CNOOC rose 1.74%. Petrochina rose 1.7%. Sinopec rose 1.4%. Meituan lost 1.5% for 18-point loss. Hang Seng index retreated and gained less than 100 points. Alibaba chose Hong Kong as a primary listing exchange and helped boost the market. Hang Seng index soared 300 points. Alibaba rose 6% for 85-point gain. HSBC rose 2.45% for 41-point gain. HK Exchanges rose 2.7% for 22-point gain. Mainland developers which fell in early morning soared. Country Garden rose 7%. China Overseas Land rose 3.4%. Longfor rose 3.7%. CR Land rose 2.87%. A shares closed the morning up 29 points. Hang Seng index reached a high of 20899, up 336 points and closed the morning up 305 points. H share index closed up 105 points and technology index up 68 points. Turnover was $53.6 billion.

The market rose further in the afternoon. Hang Seng index soared more than 300 points. Alibaba chose Hong Kong as the main place of listing. Hong Kong market rebounded strongly on the news. Alibaba rose 5.4% for 78-point gain. HSBC rose 2.7% for 44-point gain. HK Exchanges rose 3.6% for 30-point gain. Meituan rose 1.65% for 20-point gain. AIA rose 1.6% for 26-point gain. Mainland developers rose strongly. Country Garden rose 14% to lead the blue chips. CG Services rose 8%. CR Land rose 4.23%. Cifi rose 11.5%. Angel Align issued profit warning. Share price fell 11% in the afternoon and 7.5% in the afternoon. Solar energy stocks rose. GCL Technology soared 8% on chairman’s and his son’s buyback. Xinte Energy rose 4.7%. Xinyi Solar rose 3%. Coal miners rose. Yankuang rose 4.9%, China Shenhua rose 3.2%. China Coal rose 3.3%. Auto stocks rose. BYD rose 1.34%. Geely rose 1.12% Nio rose 3.7%. XPeng rose 2.1%. Li Auto rose 2.5%. A share closed up 27 points. Hang Seng index reached a high of 20952, up 389 points and closed up 343 points. H share index closed up 108 points and technology index up 62 points. Turnover was $965 billion.

Overnight, overseas markets fell. DAX lost 113 points. CAC lost 26 points and FTSE was flat. Dow Jones lost 228 points. S & P lost 45 points and Nasdaq lost 220 points. Hong Kong ADR’s lost 202 points. Night future lost 285 points. We expect the market to fall today.
 
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