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Naspers, Tencent’s major shareholder announced plans to dispose of its shares.
The Hong Kong market soared on Monday. Hang Seng index opened up 258 points, H share index up 85 points and technology index up 62 points. Alibaba rose 3% for 49-point gain. HK Exc...
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Naspers, Tencent’s major shareholder announced plans to dispose of its shares.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market soared on Monday. Hang Seng index opened up 258 points, H share index up 85 points and technology index up 62 points. Alibaba rose 3% for 49-point gain. HK Exchanges rose 3.7% for 32-point gain. HSBC rose 1.4% for 24-point gain. Meituan rose 1.46% for 19-point gain. Haidilao rose 6.6% to lead the blue chips at opening. The market rose further after opening. Investors believed that Central Government would announce a series of measure to boost the Hong Kong economy for the 25-year anniversary of the establishment of the SAR. Almost all sectors rose strongly. The market rose further in midmorning. Hang Seng index gained more than 600 points and breached 22000 points. Alibaba rose 5.4% for 88-point gain. Meituan rose 5.8% for 76-point gain. HK Exchanges rose 6.2% for 54-point gain. HSBC rose 2.16% for 38-point gain. Tencent rose 3.9% for 37-point gain. Xiaomi rose 12.6% for 43-point gain to lead the blue chips. Consumption stocks continued to rise. Haidilao rose 6.9%. Li-ning rose 9.3%. Anta Sports rose 9.1%. CR Beer rose 3.6%. Medical shares rose. Ali Health rose 8.45%. PA Good Doctor rose 8.9%. JD Health rose 8.2%. A shares closed up 29 points. Hang Seng index reached a high of 22414, up 695 points and closed up 684 points. H share index closed up 258 points and technology index up 278 points. Turnover was $102.8 billion.

The market’s gain narrowed in the afternoon. Hang Seng index gained more than 400 points. Alibaba rose 4.2% for 70-point gain. HK Exchanges rose 6.6% for 57-point gain. Meituan rose 2.5% for 32-point gain. Xiaomi rose 9% for 30-point gain. HSBC rose 2% for 36-point gain. On the contrary, Tencent’s major shareholder Naspers announced plans to dispose of its investment. Tencent lost 2.3% for 23-point loss. Tencent rebounded 1% after the market digested the news. Wuxi Biologics lost 4.5% for 25-point loss. Xinyi Solar lost 3.5%. Industrial stocks rose. BYD Electronics rose 15.6%. Sunny Optical rose 9.2%. Huahong Semiconductor rose 8.5%. SMIC rose 7%. AAC rose 6.6%. Technology stocks rose. JD Health rose 7.5%. Ali Health rose 8.6%. Zhongan rose 6.5%. Sensetime rose 5.9%. Resources stocks rose. CNOOC rose 1.6%. Petrochina rose 1.4%. Jiangxi Copper rose 5.1%. Chalco rose 5.1%. Luoyang Moly rose 5%. MMG rose 6%. Gongfeng Lithium rose 8.6%. China Coal rose 3.2%. China Shenhua rose 4.3%. Yankuang rose 5.25%. A shares closed up 29 points. Hang Seng index closed up 510 points, H share index up 187 points and technology index up 228 points. Turnover was $200 billion.

Overnight overseas markets were mixed. DAX rose 68 points. FTSE rose 26 points but CAC lost 26 points. US markets ended two-day rising streak. Dow Jones lost 64 points. S & P lost 11 points. Nasdaq lost 83 points. ADR’s lost 136 points and night future lost 181 points. We expect the market to fall today.
 
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