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Investors took a cautious attitude on the eve of the US presidential election.
The market opened higher on Friday. Hang Seng index opened up 110 points, H share index up 47 points and technology index up 5 points. Meituan rose 2.14% for 37-point gain. Alibaba...
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Investors took a cautious attitude on the eve of the US presidential election.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 110 points, H share index up 47 points and technology index up 5 points. Meituan rose 2.14% for 37-point gain. Alibaba rose 1.27% for 21-point gain. JD rose 2.25% for 10-point gain. CCB rose 0.82% for 10-point gain. On the other hand, Li Auto’s gross margin shrank. Share price fell 8% for 18-point loss. CSPC reported 16% fall in quarterly profit. Share price fell 13% to lead the losers for 10-point loss. Shanghai composite index opened down 4 points. The market was little changed after opening as Hang Seng index gained more than 100 points. Tencent rose 1.2% for 18-point gain. AIA rose 1.4% for 15-point gain. Mainland developers rose. China Overseas Land rose 3.2%. CR Land rose 3.2%. Longfor rose 3%. These were the top three gainers. Li Auto’s fall increased to 9.9%. Other auto shares followed lower. Geely lost 1.6%. XPeng lost 3.5%. Nio lost 3.1%. The market rose further in midmorning. Hang Seng index gained more than 3200 points. Meituan rose 3.56% for 62-point gain. Tencent rose 3.4% for 52-point gain. Xiaomi rose 2.4% for 18-point gain. CCB rose 2.3% for 25-point gain. JD rose 2.5% for 11-point gain. Shipping stocks rose. OOIL rose 5.3% to lead the blue chips. Cosco Holding rose 9%. SITC rose 2%. Cosco Development rose 1.9%. Shanghai composite index closed the morning up 19 points. Hang Seng index closed the morning up 328 points, H share index up 132 points and technology index up 35 points. Turnover was $87.9 billion.

When the market opened in the after noon, Hang Seng index soared to 20667 points, up 350 points, the highest point of the day. Meituan rose 3% for 53-point gain. Tencent rose 3.3% for 50-point gain. CCB rose 2.5% for 27-point gain. ICBC rose 1.9% for 11-point gain. AIA rose 1.3% for 15-point gain. Xiaomi rose 1.5% for 11-point gain. JD rose 2.2% for 10-point gain. Mainland developers rose further. China Overseas Land rose 5.4% and CR Land rose 4.8% to lead the blue chips. Longfor rose 2.85%. Yuexiu Property rose 3.2%. The market expected Sands to resume distributing dividend. Share price rose 4.7%. Galaxy rose 1.45%. Solar energy shares fell. Xinyi Solar lost 3.8%. GCL lost 5.2%. Comtec lost 11.8%. Solargiga lost 5%. The market’s gain narrowed in the afternoon. Hang Seng index retreated by more than 100 points. Shanghai composite index closed down 7 points. Hang Seng index closed up 189 points, H share index up 78 points. Technology index lost 15 points due to fall of Li Auto. Turnover was $141.5 billion.

Last Friday night, overseas markets rose. DAX rose 177 points. CAC rose 59 points and FTSE rose 67 points. US markets rose. Dow Jones rose 289 points. S & P rose 23 points and Nasdaq rose 145 points. Hong Kong ADR’s lost 81 points. Night future lost 41 points. We expect the market to fall today. The market took a cautious attitude on the eve of the US presidential election.  
 
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