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Technology stocks rose sharply to lift the market.
The Hong Kong market opened higher on Friday. Hang Seng index opened up 112 points. H share index opened up 57 points and technology index up 546 points. Tencent rose 1.66% for 25-...
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Technology stocks rose sharply to lift the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Friday. Hang Seng index opened up 112 points. H share index opened up 57 points and technology index up 546 points. Tencent rose 1.66% for 25-point gan. Alibaba rose 1,6% for 24-point gain. Baidu rose 3.4% to lead the blue chips. Budweiser lost 3.4% to become the top loser at opening. On the contrary, L’Occitane reported strong earnings. Share price soared 13%. The market rose further after opening as Hang Seng index soared more than 200 points and reached a high of 20208 points, up 260 points. Baidu rose 4.7%. China Unicom rose 3.8%. Mainland developers rose. Country Garden rose 4%. Longfor rose 3.3%. China Overseas Land rose 3.5%. CR Land rose 2.4%. Mainland banks rose. ICBC rose 1.6%. BOC rose 2.1%. CM Bank rose 2.2%. CCB rose 1.3% for 13-point gain. Sunac announced it received consent from 85% of creditors to restructure its debt, Share price soared 13.3%. Logan rose 7.5%. Country Garden rose 6%. KWG rose 4.7%. Kaisa rose 3.8%. Chinese telecoms rose. China Unicom rose 4%. China Telecom rose 1.4%. The market retreated in midmorning, as Hang Seng index fell to a low of 19968, up only 20 points. The market had support at low level and rebounded. Hang Seng index gained more than 100 points. Technology stocks led the rally. Tencent rose 1.83% for 28-point gain. Alibaba rose 1.7% for 26-point gain. Meituan rose 2.5% for 25-point gain. JD rose 2.76% for 11-point gain. Shanghai composite index closed the morning down 24 points. Hang Seng index closed the morning up 128 points, H share index up 91 points and technology index up 61 points. Turnover was $57.9 billion.

The market was little changed in the afternoon. Hang Seng index gained more than 100 points. Meituan rose 3.5% for 35-point gain. Alibaba rose 1.74% for 26-point gain. Tencent rose 1.5% for 23-point gain. CCB rose 1.12% for 11-point gain. Ping An rose 1.5% for 10-point gain. ICBC rose 1.6% for 9-point gain. On the other hand, AIA fell 3.4% for 56-point loss. HSBC lost 1% for 19-point loss. The market’s gain narrowed in midafternoon, as Hang Seng index rose under 100 points. AIA lost 4.1% for 67-point loss. It was the prime cause for the markets’ fall. Mainland developers rose sharply as Sunac successfully rescheduled its debt. Country Garden rose 6.5% to become the top gainer. China Overseas Land rose 3.76%. Logan rose 9.6%. KWG rose 5.9%. A shares closed down 16 points. Hang Seng index closed up 100 points, H share index up 78 points and technology index up 39 points. Turnover was $98.3 billion.

US markets soared on recovery of regional banks and Apple’s strong results. Dow Jones rose 546 points. S&P rose 75 points and Nasdaq rose 269 points. ADR’s rose 68 points and night futures rose 69 points. We expect the market to rise this week. 
 
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