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Financials led the market’s rebound.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 101 points, H share index up 25 points and technology index up 20 points. CLP announced substantial loss s...
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Financials led the market’s rebound.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 101 points, H share index up 25 points and technology index up 20 points. CLP announced substantial loss suffered by its Australian subsidiary. Share price lost 2.27% to become the top loser for 6-point loss. On the contrary, HSBC rose 3.13% for 54-point gain. Wuxi Biologics rose 2.2% for 10-point gain. Ping An rose 1.17% for 7-point gain. A shares opened down 6 points. The market’s gain narrowed after opening, as CLP’s loss widened to 6% for 17-point loss. Meituan lost 0.67% for 10-point loss. Alibaba lost 0.6% for 10-point loss. However, the market rose further in midmorning. Hang Seng index gained more than 300 points and reached a high of 21441 points, up 332 points. Financials led the rally. HSBC rose 3.33% for 55-point gain. Ping An rose 3% for 20-point gain. CCB rose 1.64% for 19-point gain. Tencent rose 1.67% for 15-point gain. AIA rose 0.87% for 14-point gain. Mainland developers and property management shares continue to rise. CG Services rose 4.5%. Country Garden rose 2.16%. CR Land rose 1.9%. R & F rose 4.25%. Local properties rose. Henderson Land rose 2.3%. New World rose 2%. SHK Property rose 1.9%. Travel related shares rose. Samsonite rose 9%. Lining rose 2.2%. Tongcheng Travel rose 2.5%. Trip.com rose 4%. Macau stocks rebounded. Galaxy rose 2.7%. Sands rose 2.2%. A shares closed the morning down 3 points. Hang Seng index closed the morning up 302 points, H share index up 112 points and technology index up 69 points. Turnover was $61.9 billion.

The market was little changed in early afternoon. Hang Seng index rose about 400 points. Financials led the rally. HSBC rose 3% for 52-point gain. CCB rose 2% for 23-point gain. AIA rose 1.3% for 21-point gain. Tencent rose 2.26% for 21-point gain. Wuxi Biologics rose 4.3% for 20-point gain. Lining rose 4.34% for 13-point gain. On the other hand, CLP lost 5.1% to lead the losers for 15-point loss. Medical and pharmaceutical shares rose. Ali Health rose 11.3% to lead the blue chips. JD Health rose 4.3%. PA Good Doctor rose 2%. Bio-tech stocks rose. Innovent had a anti-cancer drug approved for sale in China. Share price rose 13%. Akeso rose 10.5%. Vivatech rose 9.2%. BRII rose 8.2%. Pop Mart rose 2.7%. Nan Nan Resources turned from loss to profit. Share price soared 14 times. Hang Seng index reached a high of 21565, up 401 points. A shares closed down 9 points. Hang Seng index closed up 395 points, H share index up 149 points and technology index up 102 points. Turnover was $119.4 billion.

Overnight, overseas markets rose. European markets edged up. DAX rose 27 points. CAC rose 44 points and FTSE rose 30 points. US markets rallied after holiday. Investors went bargain hunting. Dow Jones rose 641 points. S & P rose 90 points and Nasdaq rose 271 points. Hong Kong ADR’s lost 10 points and night future lost 15 points. We expect the market to fall today.
 
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