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The Hong Kong market followed US markets to rise sharply.
The Hong Kong market rose sharply on Thursday. Hang Seng index opened up 230 points, H share index up 82 points and technology index up 71 points. Technology stocks led the rally. ...
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The Hong Kong market followed US markets to rise sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/08/12 09:08
The Hong Kong market rose sharply on Thursday. Hang Seng index opened up 230 points, H share index up 82 points and technology index up 71 points. Technology stocks led the rally. Alibaba rose 3.5% for 44-point gain. Techtronic rose 10% for 24-point gain. Tencent rose 1.41% for 19-point gain. HK Exchanges rose 1.6% for 12-point gain. On the contrary, AIA lost 0.86% for 13-point loss. Longfor rebounded 5.5% after falling sharply on Wednesday. The market maintained its 200-point gain after opening. Longfor’s gain widened to 9.6%. CG Services rose 3.5%. Country Garden rose 3%. Electric car shares rose. BYD rose 1.5%. Nio rose 7%. XPeng rose 3.1%. Li Auto rose 2.4%. Handset suppliers rose. Sunny Optical rose 6.1%. Q-Tech rose 12%. Foxconn rose 3.1%. AAC rose 2.6%. Consumption stocks rose. Lining rose 4.1%. Anta Sports rose 2.7%. CR Beer rose 2.1%. Xtep rose 6%. Technology stocks rose. Huahong Semiconductor rose 7.7%. Baidu rose 3.9%. Netease rose 2.9%. Kingdee rose 2.8%. GDS rose 2.22%. The market rose further in midmorning. Hang Seng index gained more than 300 points. Alibaba rose 2.7% for 34-point gain. Meituan rose 2.1% for 27-point gain. Wuxi Biologics rose 4.7% for 21-point gain. Tencent rose 1.7% for 22-point gain. Coal miners rose. Yankuang rose 3%. China Coal rose 3.2%. China Shenhua rose 1.3%. A shares closed the morning up 37 points. Hang Seng index reached a high of 20002, up 391 points. Hang Seng index closed the morning up 348 points, H share index up 128 points and technology index up 113 points. Turnover was $43.6 billion.

The market rose further in the afternoon, as Hang Seng index soared more than 400 points. Alibaba rose 4.3% for 56-point gain. Meituan rose 4% for 54-point gain. AIA rose 1.6% for 25-point gain. Wuxi Biologics rose 6.4% for 37-point gain. Tencent rose 2.7% for 37-point gain. Chinese financials rose. Ping An rose 2.75% for 14-point gain. CM Bank rose 4.4% for 12-point gain. CCB rose 1.2% for 12-point gain. Apple was rumored to raise its iphone 14 price by 15% due to strong demand. Handset suppliers rose. Sunny Optical rose 9.4%. Q-Tech rose 18%. AAC rose 4%. Cowell rose 4%. Semiconductor shares rose. SMIC rose 3.3%. Huahong Semiconductor rose 3.5%. Power generators rose. Huadian rose 3.3%. Huaneng rose 2.35%. Datang rose 3.8%. CR Power rose 2%. A shares closed up 52 points. Hang Seng index closed at the highest level of 20082, up 471 points. H share index closed up 179 points and technology index up 153 points. Turnover was $82.7 billion. Hong Kong shares followed US markets to trade higher. However, turnover remained at a low level.

Overnight, overseas markets were range bound. European markets had no direction. DAX lost 6 points. FTSE lost 41 points but CAC rose 21 points. US markets were mixed. Dow Jones rose 27 points, but S & P lost 3 points and Nasdaq lost 75 points. Hong Kong ADR’s lost 62 points. Night f uture rose 1 point. We expect the market to rise today.  
 
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