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Alibaba soared before results announcement to lead the market’s rebound.
The market rose strongly on Thursday. Hang Seng index opened up 244 points, H share index up 88 points and technology index up 96 points. Alibaba rose 5.7% for 70-point gain. AIA r...
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Alibaba soared before results announcement to lead the market’s rebound.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market rose strongly on Thursday. Hang Seng index opened up 244 points, H share index up 88 points and technology index up 96 points. Alibaba rose 5.7% for 70-point gain. AIA rose 1.9% for 23-point gain. Meituan rose 2.5% for 28-point gain. Wuxi Biologics rose 3.3% for 16-point gain. HSBC rose 0.9% for 15-point gain. The market rose further after opening. Hang Seng index soared more than 400 points. Alibaba list of companies rose on expectation of strong interim results. Ali Health rose 8% to lead the blue chips. Alibaba rose 6.4% for 80-point gain. AIA rosed 3.6% for 54-point gain. Meituan rose 3.2% for 37-point gain. HSBC rose 1.5% for 25-point gain. Tencent rose 2.1% for 16-point gain. JD rose 5% for 15-point gain. Auto stocks rose. Geely rose 5.9%. BYD rose 2.4%. Great Wall rose 1.5%. Hang Seng index reached a high of 20216, up 449 points. However, the market retreated from morning high. Hang Seng index lost about 200 points from intraday high. Alibaba rose 4% for 50-point gain. Tencent rose 2% for 27-point gain. Meituan rose 2.5% for 28-point gain. Hang Seng index closed the morning up 286 points, H share index up 101 points and technology index up 93 points. Turnover was $50.8 billion.

The market rose further in the afternoon. Hang Seng index rose more than 300 points. Softbank sold down 1/3 of its holding in Alibaba by way of long-term contract. Alibaba rose 4.5% for 60-point gain to lead the blue chips. Meituan rose 3.2% for 38-point gain. Tencent rose 2.7% for 38-point gain. AIA rose 2.2% for 35-point gain. JD rose 4.9% for 28-point gain. Apple increased purchase of camera units from Sunny Optical. Share price rose 5.4% to lead the gainers. Cowell rose 10%. Q-Tech rose 3.5%. Foxconn rose 3%. Hengten rose 4.9%. Wharf turned from profit to loss but increased payout. Share price rose 5.6%. Shipping stocks retreated. OOIL lost 4% to lead the losers. Cosco Holding lost 1.1%. A shares closed up 25 points. The market rose further near the close. Hang Seng index rose more than 380 points. Heavyweights led the charge. Alibaba rose 4.76% for 64-point gain. Meituan rose 3.61% for 61-point gain. Tencent rose 3% for 42-point gain. AIA rose 2.5% for 38-point gain. JD rose 5.8% for 34-point gain. HSBC rose 1.1% for 20-point gain. Hang Seng index closed up 406 points, H share index up 142 points and technology index up 134 points. Turnover was $88.9 billion.

Overnight, overseas markets were mixed. European markets edged up. DAX rose 75 points. CAC rose 41 points and FTSE rose 2 points. US markets were mixed. Dow Jones lost 85 points and S & P lost 3 points but Nasdaq rose 52 points. Hong Kong ADR’s lost 49 points. Night future rose 60 points. We expect the market to rise today. 
 
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