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The market was range bound.
The market opened lower on Monday. Hang Seng index opened down 73 points, H share index down 31 points and technology index down 23 points. Tencent lost 1.55% for 23-point loss. Me...
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The market was range bound.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Monday. Hang Seng index opened down 73 points, H share index down 31 points and technology index down 23 points. Tencent lost 1.55% for 23-point loss. Meituan lost 1.4% for 13-point loss. AIA lost 1.2% for 11-point loss. On the contrary, HSBC rose 0.64% for 11-point gain. Shanghai composite index opened down 12 points. The market fell further after opening. Hang Seng index lost more than 100 points. Meituan lost 2.7% for 25-point loss. AIA lost 2.2% for21-point loss. Tencent lost 1.4% for 20-point loss. Metal shares rose. China Hongqiao rose 5.2% to lead the blue chips. Chalco rose 4.4%. Jiangxi Copper rose 3.7%. The price of gold soared to record high. Gold and silver shares rose. Zijin rose 3.9%. Zhaojjn rose 7%. China Gold rose 5.5%. China Silver soared 47% to lead all stocks. The market had support at low level as technology stocks recovered from opening lows. A shares turned from loss to gain. Hang Seng index turned from loss to gain. HSBC rose 1.2% for 21-point gain. Alibaba rose 1.2% for 15-point gain. CNOOC rose 2% for 10-point gain. Li Auto rose 5.1% for 13-point gain. CCB rose 1.4% for 12-point gain. Hang Seng index reached a high of 16896 points, up 161 points but the market retreated before morning’s close. Hang Seng index closed the morning down 14 points. H share index closed up 1 point but technology index closed down 14 points. Turnover was $60.6 billion.

The market turned from loss to gain in the afternoon as financials led the rally. HSBC rose 0.88% for 15-point gain. CCB rose 1.25% for 11-point gain. Alibaba rose 1% for 15-point gain. CCB rose 1.4% for 12-point gain. China Mobile rose 1.5% for 11-point gain. Li Auto rose 4.65% for 11-point gain. On the other hand, AIA lost 2.5% for 23-point loss. Tencent lost 1.35% for 20-point loss. Precious metals rose. China Silver soared 83% to lead all stocks. Zhaojin rose 5.2%. China Gold rose 2.9%. Metals also rose. China Hongqiao rose 3.95%. Chalco rose 1.6%. Rusal rose 16.4%. Jaingxi Copper rose 3%. Gonfung Lithium rose 5.8%. Tianqi Lithium rose 6.4%. Yankuang rose 4.1%. China Shenhua rose 2%. China Coal rose 2.6%. However, Zijin lost 0.24%. Auto shares rose. Li Auto rose 4.65%. BYD rose 2.4%. GAC rose 5%. Power generators rose. Huaneng rose 11.1%. Datang Power rose 6.5%. Huadian International rose 7.4%. CR Power rose 3.8%. Shanghai composite index closed down 22 points. Hang Seng index closed up 9 points, H share index up 5 point and technology index up 6 points. Turnover was $99.9 billion.

Overnight, European markets rose. DAX rose 144 points. CAC rose 58 points and FTSE rose 32 points. US markets were range bound with no direction. Dow Jones lost 11 points. S & P lost 2 points but Nasdaq rose 5 points. Hong Kong ADR’s rose 41 points. Night future rose 58 points. We expect the market to rise today.
 
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