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Hong Kong market soared on Chinese Government’s initiatives to revive the economy.
The Hong Kong market rose sharply on Thursday. Because of the typhoon, there was only afternoon trading. Hang Seng index opened up 149 points. H share index up 62 points and techn...
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Hong Kong market soared on Chinese Government’s initiatives to revive the economy.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market rose sharply on Thursday. Because of the typhoon, there was only afternoon trading. Hang Seng index opened up 149 points. H share index up 62 points and technology index up 46 points. The State Council launched 19 initiatives to support economic growth. The news sparked a rally in A shares market. Hong Kong market followed and opened higher. Hang Seng index opened up 149 points, H share index up 62 points and technology index up 46 points. Technology stocks led the rally. Tencent rose 0.84% for 12-point gain. Alibaba rose 3.75% for 50-point gain. Meituan rose 0.5% for 6-point gain. The market soared after opening as Hang Seng index soared 222 points, H share index up 104 points and technology index up 90 points. Tencent rose 1.35% for 19-point gain. Alibaba rose 4.4% for 55-point gain. Meituan rose 3.5% for 46-point gain. JD 9.56% to lead the gainers. Mengniu rose 8.7%. Ping An rose 4.65% for 22-point gain.

The market gained more ground in late trading. Hang Seng index soared more than 700 points. Meituan rose 9% for 121-point gain. Alibaba rose 10% for 123-point gain. AIA rose 4.6% for 71-point gain. Tencent rose 4.6% for 67-point gain. JD rose 10% for 57-point gain. Ping An rose 5% for 24-point gain. A shares closed up 31 points. Technology stocks led the rally. Bili Bili rose 10%. JD rose 11%. Baidu rose 9.9%. Alibaba rose 10%. Meituan rose 9.6%. Kuaishou rose 7.5%. Resources stocks rose. Coal miners rose. Yankuang rose 8.56%. China Shenhua rose 5%. China Coal rose 5.9%. Non-ferrous metals rose. Jiangxi Copper rose 3%. Chalco rose 4.4%. China Hongqiao rose 5.3%. Power generators rose. Huadian rose 4.4%. Huaneng rose 3.3%. CR Power rose 2.2%. China Power rose 2.5%. Hang Seng index reached a high of 19990, up 721 points. At the close, Hang Seng index rose 699 points, H share index 283 points and technology index 242 points. Turnover was $906 billion.

Overnight, overseas markets rose mostly. DAX rose 52 points. FTSE rose 8 points but CAC lost 5 points. US markets rose for the second straight day. Dow Jones rose 322 points. S & P rose 58 points and Nasdaq rose 208 points. Hong Kong ADR’s rose 36 points. Night future rose 225 points. We expect the market to rise today.
 
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