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A shares soared. Hong Kong market turned from loss to gain.
The market opened higher on Wednesday. Hang Seng index opened up 68 points, H share index up 23 points and technology index up 6 points. HSBC rose 1.12% for 20-point gain. Techtron...
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A shares soared. Hong Kong market turned from loss to gain.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Wednesday. Hang Seng index opened up 68 points, H share index up 23 points and technology index up 6 points. HSBC rose 1.12% for 20-point gain. Techtronic rose 3.86% to lead the gainers for 9-point gain. CR Power lost 1.15% to lead the losers. Shanghai composite index opened down 2 points. The market rose further after opening as Hang Seng index gained more than 200 points. Standard Chartered announced share buyback. Share price rose 2.2%. HSBC rose 1.4% for 25-point gain. Techtronic rose 4.6% for 11-point gain. Alibaba rose 2.4% for 34-point gain. Tencent rose 2.8% for 39-point gain. Meituan rose 2.8% for 28-point gain. Xiaomi rose 3.4% for 13-point gain. However, power generators fell sharply. CR Power lost 4.14%. Huaneng lost 7.55%. Datang Power lost 2.6%. Huadian lost 3%. Consumption stocks rose. Budweiser rose 4.99%. CR Beer rose 4.7%. Haier Smarthome rose 4.55%. Mengniu rose 4.1%. Jiumaojiu rose 3.36%. Official PMI for the month of July fell to 49.4, falling for three consecutive months. Wuxi list of shares rose sharply. Auto shares rose. Li Auto rose 2.38%. Nio rose 5.5%. Geely rose 1.5%. XPeng rose 1.76%. Shanghai composite index closed the morning up 51 points. Hang Seng index closed the morning up 323 points, H share index up 124 points and technology index up 99 points. Turnover was $62.1 billion.

The market rose further in the afternoon. Hang Seng index gained more than 350 points. HSBC reported interim results that were better than expected and announced a new round of share buyback of up to US$3 billion. Share price rose 4.2% for 74-point gain. However, Hang Seng Bank lost 3.83% as its bad debt increased. Alibaba rose 2.6% for 38-point gain. Tencent rose 3.5% for 47-point gain. Meituan rose 3.1% for 31-point gain. Xiaomi rose 3.55% for 17-point gain. CNOOC rose 2.6% for 13-point gain. Ping An rose 3.3% for 12-point gain. Pharmaceutical shares rose. Wuxi Biologics rose 9% and Wuxi Apptec rose 7.7% to lead the blue chips. Other pharmaceutical shares followed higher. Hansoh Pharm rose 5.1%. CSPC rose 2.65%. Sino Biopharm rose 2.93%. Sinopharm rose 2.9%. Beigene rose 3.15%. Innovent rose 5.1%. Shanghai composite index closed up 59 points. Hang Seng index reached a high of 17400 points, up 397 points and closed up 341 points, H share index up 120 points and technology index up 102 points. Turnover was $118.9 billion.

Overnight, overseas markets rose. DAX rose 97 points. CAC roes 56 points and FTSE rose 93 points. Dow Jones rose 99 points. S & P rose 86 points. Microsoft and AMD reported strong results and showed strong demand for AI chips. Nasdaq rose 452 points. Hong Kong ADR’s lost 57 points. Night future rose 28 points. We expect the market to rise today.
 
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