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The Hong Kong market opened sharply higher only to fall sharply afterwards.
The Hong Kong market opened sharply higher on Tuesday. Hang Seng index opened up 235 points, H share index up 84 points and technology index up 39 points. Alibaba rose 2.5% for 45-...
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The Hong Kong market opened sharply higher only to fall sharply afterwards.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened sharply higher on Tuesday. Hang Seng index opened up 235 points, H share index up 84 points and technology index up 39 points. Alibaba rose 2.5% for 45-point gain. HSBC rose 1.1% for 17-point gain. Tencent rose 0.93% for 16-point gain. Ping An rose 1.96% for 12-point gain. HK Exchanges rose 1.4% for 10-point gain. Wuxi Biologics rose 3.2% for 10-point gain. Mainland developers rose. Longfor rose 5.1% to lead the blue chips. Country Garden rose 2.93%. CR Land rose 2.92%. On the contrary, Baidu lost 3.1% to become the top loser. A shares opened down 6 points. The market rose sharply after opening, as Hang Seng index gained more than 400 points. Alibaba rose 3.3% for 60-point gain. HSBC rose 2.2% for 40-point gain. AIA rose 1.8% for 29-point gain. Ping An rose 3.4% for 20-point gain. Mainland developers rose further. March property sales soared 98% from 2022. Longfor rose 6.1%. Country Garden rose 6.8%. China Overseas Land rose 5.25%. CR Land rose 5.15%. Auto shares rose. Geely rose 4%. BYD rose 1.67%. XPeng rose 3%. Pharmaceutical shares rose, as the Chinese Government accelerates the approval process for new drugs. Wuxi Biologics rose 5.6%. Sino Biopharm rose 5.1%. Hansoh Pharm rose 4.2%. However, the market retreated sharply after reaching opening high of 20750, up 419 points. Tencent and China Mobile fell to drag down the market. Hang Seng index closed the morning up only 14 points. H share index was unchanged and technology lost 42 points. Turnover was $75.4 billion.

The market turned from gain to loss in the afternoon. Tencent and China Mobile fell to drag down the market. Tencent lost 3.3% for 58-point loss. China Mobile lost 2.2% for 17-point loss. On the other hand, the gainers retreated from morning highs. Alibaba gained only 0.8% for 15-point gain. Wuxi Biologics rose 5% for 15-point gain. CR Land rose 5.6% for 12-point gain. HSBC rose 0.65% for 11-point gain. Technology stocks fell. Baidu lost 6.3% to lead the losers. Kingsoft lost 5.5%. Sensetime lost 3%. Semiconductor shares fell. Huahong Semiconductor lost 4.4%. SMIC lost 3.3%. Broker upgraded the rating of Huaneng International. Share price rose 7.6%. Datang rose 4.35%. Huadian International rose 7.12%,CR Power rose 4.5%. China Power rose 2.33%. On the contrary, coal miners fell. Yankuang lost 5.9%. YK Australia lost 1.94%. China Shenhua lost 1%. China Coal lost 1.36%. Shanghai composite index closed down 2 points. Hang Seng index reached a low of 20293, down 38 points. There was support at low level and Hang Seng index rebounded more than 100 points. Hang Seng index closed up 154 points, H share index up 56 points and technology index up 10 points. Turnover was $126.9 billion.

Overnight, European markets rose. DAX rose 57 points. CAC rose 65 points and FTSE rose 44 points. US markets were mixed. Dow Jones rose 98 points. Yet S & P was unchanged and Nasdaq lost 52 points. Hong Kong ADR’s lost 105 points. Night future lost 20 points. We expect the market to rise today.  
 
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