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Technology stocks led the market’s rally.
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 179 points, H share index up 72 points and technology index up 46 points. Alibaba rose 1.53% for 24-point...
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Technology stocks led the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 179 points, H share index up 72 points and technology index up 46 points. Alibaba rose 1.53% for 24-point gain. Meituan rose 1.62% for 22-point gain. Tencent rose 1.2% for 19-point gain. HK Exchanges rose 1.7% for 11-point gain. On the contrary, AIA lost 1.26% for 22-point loss. Wharf rose 4.3% to become the top gainer at opening. The market rose further after opening as Hang Seng index rose to 19860 points, up 264 points. Alibaba rose 2.2% for 34-point gain. Meituan rose 2.4% for 34-point gain. Tencent rose 1.9% for 31-point gain. HSBC rose 1% for 15-point gain. Pharmaceutical shares rose. Fosun Pharm rose 10%. CSPC rose 3.66%. Sino Biopharm rose 2.9%. However, online medical shares fell. PA Good Doctor lost 6.3%. JD Health lost 3.9%. Ali Health lost 7% to become the top loser. Mainland developers rose. Longfor rose 4%. CR Land rose 2.9%. China Overseas Land rose 2.4%. Xinyi Group of companies rose. Education shares soared on changing to direct sales. Wisdom Education rose 80%. Vircsend Education rose 57%. JH Education rose 37%. Scholar Education rose 17%. Semiconductor shares fell. Huahong Semiconductor lost 6%. SMIC lost 3.2%. Shanghai Fodan lost 4.4%. The market turned from gain to loss momentarily but recovered. Hang Seng index closed the morning up 134 points. H share index closed up 58 points and technology index up 3 points. Turnover was $74.8 billion.

The market was little changed in the afternoon. Hang Seng index gained more than 100 points. Tencent rose 2.45% for 40-point gain. Meituan rose2.6% for 34-point gain. Alibaba rose 1.4% for 20-point gain. HK Exchanges rose 1.86% for 14-point gain. On the other hand, AIA lost 2.4% for 41-point loss. Ali Health lost 8.5% to become the top loser. However, CSPC rose 5.7%. Hansoh Pharm rose 2.6%. Sino Biopharm rose 3%. Hengan rose 6% to lead the gainers. Sunny Optical rebounded and rose 5.3%. Sportswear shares rose. Lining rose 4%. Anta Sports rose 1.35%. Xinyi Solar rose 4.35%. Xinyi Energy rose 3%. Xinyi Glass rose 2.5%. Transport shares rose in anticipation of opening. Transport International rose 7.8%. Chu Kong Shipping rose 13.7%. Properties retreated. CG Services lost 5.5%. Henderson Land lost 2.9%. Country Garden lost 1.8%. China Overseas Land lost 1.2%. A shares closed up 0.2 point. The market retreated just before closing. Hang Seng index closed up 77 points, H share index up 47 points and technology index up 14 points. Turnover was $136.4 billion.

Overnight overseas markets fell. Increased in interest rate hurt investor sentiment. DAX lost 37 points. CAC lost 14 points and FTSE lost 7 points. US markets fell on Powell’s comment that he would continue to increase interest rate until inflation fell to 2% p.a. Dow Jones lost 142 points. S & P lost 24 points. Nasdaq lost 86 points. Hong Kong ADR’s lost 84 points. Night future rose 25 points. We expect the market to fall today.

 
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