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Hong Kong market rose sharply on expectation of stamp duty reduction.
The market opened higher on Tuesday. Hang Seng index opened up 131 points, H share index up 56 points and technology index up 43 points. The market was hopeful that the HK Governme...
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Hong Kong market rose sharply on expectation of stamp duty reduction.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Tuesday. Hang Seng index opened up 131 points, H share index up 56 points and technology index up 43 points. The market was hopeful that the HK Government would launch new measures to stimulate trading in the stock market. Alibaba rose 1.3% for 21-point gain. Meituan rose 1.4% for 17-point gain. AIA rose 0.73% for 10-point gain. The market rose further after opening. Hang Seng index gained more than 200 points. AIA rose 1.68% for 22-point gain. Alibaba rose 1.52% for 24-point gain. HK Exchanges rose 3.3% for 21-point gain. Mainland developers rose again. Country Garden rose 4.94% to lead the gainers. China Overseas Land rose 3.97%. Longfor rose 2.8%. CR Land rose 1.25%. LH Group reported six time increase in interim profit and increased dividend. Share price soared 13.3%. In the same manner, BAIC reported 32% increase in interim profit. Share price rose 12.7%. The market rose further in midmorning as Hang Seng index gained more than 300 points. AIA rose 2.6% for 33-point gain. Alibaba rose 2.6% for 43-point gain. AIA rose 3.1% for 41-point gain. Meituan rose 2.67% for 32-point gain. Tencent rose 1.8% for 27-point gain. HK Exchanges rose 4.5% for 28-point gain. BYD rose 6.2% for 25-point gain to lead the blue chips. Shanghai composite index closed the morning up 35 points. Hang Seng index closed the morning up 365 points. H share index closed up 141 points and technology index up 107 points. Turnover was $50.9 billion.

The market rose further in early afternoon as Hang Seng index reached a high of 18584 points, up 453 points. However, the market could not hold on to its gain. The market retreated. Hang Seng index rose more than 300 points. AIA rose 2.85% for 37-point gain. HK Exchanges rose 5.2% for 33-point gain. Alibaba rose 2% for 33-point gain. Tencent rose 1.35% for 20-point gain. BYD’s interim profit increased 200%. Share price rose 5.5% for 22-point gain. Meituan rose 2.2% for 26-point gain. Ping An rose 3.2% for 16-point gain. CCB rose 1.93% for 15-point gain. ICBC rose 3.13% for 15-point gain. Mainland developers rose. Country Garden rose 7.4% to become the top gainer. CG Services rose6.4%. China Overseas Land rose 6%. Longfor rose 3.7%. CR Land rose 2.35%. Technology stocks rose. Weibo rose 8.5%. Huahong Semiconductor rose 7.25%. SMIC rose 5.62%. Bili Bili rose 4.3%. Kingsoft rose 4.3%. Netease rose 3.2%. Auto shares followed BYD higher. Li Auto rose 4.1%. XPeng rose 3.05%. Nio rose 2.5%. Shanghai composite index closed up 37 points. Hang Seng index closed up 353 points, H share index up 140 points and technology index up 107 points. Turnvoer was $101.4 billion.

Overnight, overseas markets rose. DAX rose 138 points. CAC rose 49 points and FTSE rose 126 points. The possibility of interest rate hike eased. US markets rose. Dow Jones rose 292 points. S & P rose 64 points. Nasdaq rose 238 points. Hong Kong ADR’s rose 111 points. Night future rose 202 points. We expect the market to rise today.  
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