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Hong Kong market soared on rumors of China’s reopening in March, 2023.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 173 points, H share index up 67 points and technology index up 50 points. Alibaba rose 2.6% for 26-point ga...
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Hong Kong market soared on rumors of China’s reopening in March, 2023.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 173 points, H share index up 67 points and technology index up 50 points. Alibaba rose 2.6% for 26-point gain. Meituan rose 2.56% for 24-point gain. HSBC rose 1.1% for 15-point gain. JD rose 3% for 12-point gain. Tencent rose 1.07% for 11-point gain. CSPC rose 4.96% and Sino Biopharm rose 4.99% to lead the blue chips. A shares opened up 6 points. The market soared after opening as technology and financials led the rally. Hang Seng index soared 300 points and breached 15000 points. Alibaba rose 4.5% for 43-point gain. AIA rose 4.9% for 52-point gain. Meituan rose 6.6% for 65-point gain. Tencent rose 6.13% for 61-point gain. Longfor lost 5.4% to lead the losers. Handset suppliers rose sharply. Foxconn rose 3.13%. Sunny Optical rose 6.8%. AAC rose 5.98%. Pharmaceutical shares rose. Sino Biopharm rose 8.9% to lead the gainers. Hansoh Pharm rose 5.9%. CSPC rose 5.95%. Xinyi Solar rose 5.4%. CM Bank rose 4.65%. HK Exchanges rose 3.35%. Cifi stopped paying overseas creditors. Share price crashed 23%. Chaixin PMI came in at 49.2, better than expected. A shares rose 35 points. Hong Kong shares rose further. Hang Seng index soared more than 600 points. Technology stocks rose sharply. Trip.com rose 5.2%. Kuaishou rose 5.2%. Ming Yuan rose 4.4%. Netease rose 4.2%. Bili Bili rose 3.3%. Hang Seng index reached a high of 15293, up 606 points and closed up 346 points. H share index closed up 110 points and technology index up 101 points. Turnover was $65.2 billion.

The market rose further in the afternoon. Hang Seng index rose more than 400 points. Investors returned to chase Chinese concept stocks. Investors went bottom fishing on technology stocks which had fallen sharply since July. The market rose further in midafternoon, as Hang Seng index soared more than 900 points. Technology stocks led the rally. Meituan rose 15.5% for 144-point gain. Alibaba rose 10.4% for 102-point gain. Tencent rose 12% for 122-point gain. AIA rose 7.5% for 88-point gain. JD rose 10% for 40-point gain. Consumption stocks soared. Haidilao rose 14.9%. CR Beer rose 11.8%. Lining rose 11.7%. Anta rose 6.6%. Shabu Shabu rose 11.6%. Yum Brands rose 6.68%. Handset supplier rose sharply. Sunny Optical rose 12.8%. AAC rose 7.8%. Q-Tech rose 11%. Cowell rose 12%. Foxconn rose 6.3%. Auto stocks rose. Geely rose 5.8%. BYD rose 4.44%. Li Auto rose 4.95%. Nio rose 7.3. XPeng rose 6.5%. Gangfeng Lithium rose 9.2%. Mainland properties rose. Longfor rose 11.4%. Country Garden rose 4%. CR Land rose 3%. Logan rose 7.8%. Sands rose 11.6%. Galaxy rose 9.3%. A shares closed up 75 points. Hang Seng index reached a high of 15629 points, up 942 points and closed up 768 points. H share index closed up 271 points and technology index up 222 points. Turnover was $153.8 billion.

Overnight, overseas markets were mixed. European markets rose. DAX rose 85 points. CAC rose 61 points and FTSE rose 91 points. US markets fell for the second straight day. Dow Jones lost 80 points. S & P lost 16 points and Nasdaq lost 97 points. Hong Kong ADR’s lost 114 points and night future lost 47 points. We expect the market to fall today. 
 
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