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Xiaomi’s spectacular rise paced the Hong Kong market.
The Hong Kong market opened much higher on Tuesday. Hang Seng index opened up 270 points, H share index up 106 points and technology index up 81 points. Xiaomi’s launch of ne...
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Xiaomi’s spectacular rise paced the Hong Kong market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened much higher on Tuesday. Hang Seng index opened up 270 points, H share index up 106 points and technology index up 81 points. Xiaomi’s launch of new electric car was warmly received by consumers. Share price soared 15% at opening for 61-point gain to lead the blue chips. Alibaba rose 2% for 26-point gain. Tencent rose 1.7% for 24-point gain. AIA rose 2.2% for 19-point gain. Netease lost 4.8% to lead the losers for 8-point loss. Shanghai composite index opened down 0.5 point. The market rose further after opening. Hang Seng index gained more than 400 points and reached a high of 17007 points, up 466 points. Technology and financial stocks led the rally. Trip rose 7.8%. Xinyi Solar rose 7.7%. BOC HK rose 7.6% on strong results. CR Mix rose 7.3%. China Overseas Land rose 7.1%. Anta Sports rose 5.8%. Mainland banks and insurers rose. CCB rose 3.2% for 23-point gain. ICBC rose 2.8% for 14-point gain. Ping An rose 3.2% for 12-point gain. China Life rose 2%. Shanghai composite index closed the morning up 1 point. Hang Seng index could not hold on to its gain and retreated near morning’s close. Hang Seng index closed the morning up 390 points, H share index up 152 points and technology index up 82 points. Turnover was $89 billion.

The market was little changed in the afternoon. Hang Seng index gained more than 300 points. Xiaomi rose 11% for 46-point gain. Meituan rose 4.5% for 42-point gain. Tencent rose 2% for 27-point gain. AIA rose 2.5% for 24-point gain. CNOOC rose 5% for 23-point gain. Alibaba rose 1.2% for 15-point gain. CCB rose 2.3% for 21-point gain. HSBC rose 1.2% for 19-point gain. Petrochina rose 6.3% for 14-point gain. HK Exchanges rose 2.5% for 11-point gain. On the other hand, Netease fell 7% to lead the losers as the Government restricted young people’s playing time to 3 hours during the long holiday. Macau’s March gaming income rose 39% from last year. Macau gaming stocks rose. Sands rose 4.8%. Galaxy rose 4.8%. Technology stocks rose. Trip rose 8.9%. Zhongan Online rose 4.96%. Tongcheng rose 2.9%. PA Good Doctor rose 2.9%. The price of gold set record high. Zijin rose 3%. Zhaojin rose 6%. China Gold rose 1.9%. Brilliance Motor rose 30% on special dividend. Shanghai composite index closed down 2 points. Hang Seng index closed up 390 points, H share index up 150 points and technology index up 65 points. Turnover was $144.2 billion.

Overnight overseas markets fell. DAX lost 209 points. CAC lost 76 points and FTSE lost 17 points. US markets fell as interest rates rose. The market worried that the Federal Reserve would delay cutting interest rate. Dow Jones lost 396 points. S & P lost 38 points and Nasdaq lost 156 points. Hong Kong ADR’s lost 14 points. Night future lost 7 points. We expect the market to fall today.
 
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