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Hang Seng index soared more than 500 points in the morning but fell in the afternoon.
The Hong Kong market continued to rise on Tuesday. Hang Seng index opened up 301 points, H share index up 124 points and technology index up 108 points. Heavyweights rose sharply. ...
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Hang Seng index soared more than 500 points in the morning but fell in the afternoon.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market continued to rise on Tuesday. Hang Seng index opened up 301 points, H share index up 124 points and technology index up 108 points. Heavyweights rose sharply. Alibaba rose 3.46% for 85-point gain. Tencent rose 2.47% for 52-point gain. Xiaomi rose 2.1% for 28-point gain. SMIC rose 2.1% for 10-point gain. CCB rose 0.77% for 10-point gain. Shanghai composite index opened up 7 points. The Hong Kong market was little changed after opening as Hang Seng index gained about 300 points. Alibaba, Tencent and Xiaomi led the market. Then the market rose further in midmorning as Hang Seng index gained more than 500 points. Alibaba rose 4.2% for 103-point gain. Tencent rose 2.6% for 56-point gain. SMIC rose 5.6% for 28-point gain. AIA rose 2.2% for 26-point gain. Xiaomi rose 1.57% for 21-point gain. Meituan rose 1.86% for 15-point gain. Chinese concept stocks rose. CCB rose 1.4% for 19-point gain. Ping An rose 3.9% for 22-point gain. China Life rose 7.56% for 21-point gain. HK Exchanges rose 1.97% for 16-poit gain. However, new retail stocks fell. Popmart lost 4.9% to become the top loser. Brok lost 3.6%. Mixue lost 2.66%. At morning’s close, Shanghai composite index closed up 46 points. Hang Seng index closed up 427 points, H share index up 165 points and technology index up 154 points. Turnover was $150.7 billion.

The market was little changed in early afternoon as Hang Seng index rose more than 400 points. Alibaba rose 3.9% for 95-point gain. Tencent roe 1.75% for 37-point gain. SMIC rose 6% for 30-point gain. HSBC rose 1.1% for 22-point gain. AIA rose 5.5% for 28-point gain. HSBC rose 1.1% for 22-point gain. AIA rose 1.94% for 23-point gain. Ping An rose 3.8% for 22-point gain. China Life rose 7.1% for 20-point gain. Handset suppliers rose as Apple’s i-phone recorded strong sales. Cowell rose 5.9%. Q-Tech rose 4.5%. AAC rose 3.9%. Sunny Optical rose 2.9%. The market retreated in midafternoon. Hang Seng index fell more than 300 points and gained only 100+ points at the close. Alibaba rose 1.98% for 48-point gain. Ping An rose 2.95% for 17-point gain. China Life rose 6% for 16-point gain. SMIC rose 3.1% for 15-point gain. AIA rose 1.1% for 13-point gain. Shanghai composite index closed up 54 points. Hang Seng index closed up 169 points, H share index up 70 points and technology index up 75 points. Turnover was $264.6 billion.

Overnight, European markets edged up. DAX rose 71 points. CAC rose 54 points and FTSE rose 23 points. Trump said he might not meet Xi in South Korea. Technology stocks fell on his comment. Dow Jones rose 218 points and set record high. However, S & P rose only 0.2 point and Nasdaq lost 37 points. Hong Kong ADR’s lost 175 points. Night future lost 93 points. We expect the market to fall today.
 
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