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The market soared on Central Government’s effort to boost the economy.
Spurred on by the Central Economic Committee’s decision to boost the economy and help the developers, the Hong Kong market rose sharply on Tuesday. Hang Seng index opened up ...
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The market soared on Central Government’s effort to boost the economy.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
Spurred on by the Central Economic Committee’s decision to boost the economy and help the developers, the Hong Kong market rose sharply on Tuesday. Hang Seng index opened up 400 points, H share index up 200 points and technology index up 200 points. Technology stocks led the rally. Alibaba rose 5% for 86-point gain. Tencent rose 4% for 63-point gain. Meituan rose 5.7% for 65-point gain. AIA rose 1.72% for 25-point gain. Ping An rose 3.8% for 21-point gain. HSBC rose 1.1% for 23-point gain. Mainland banks rose sharply. CCB rose 2.8% for 23-point gain. CM Bank rose 8.1% for 18-point gain. Xiaomi rose 4% for 11-point gain. Mainland developers rose the most. Longfor rose 20%. CG Services rose 19.3%. Country Garden rose 15%. China Overseas Land rose 11.3%. CR Land rose 8.9%. Shanghai composite index opened up 37 points. The market was little changed after opening. Hang Seng index gained more than 500 points. Consumption shares rose. Lining rose 7.3%. Anta Sports rose 4.7%. Auto shares soared. XPeng rose 12.7%. Nio rose 9.5%. Li Auto rose 5.3%. Geely rose 7.3%. BYD rose 2.5%. Technology stocks rose. Bili Bili rose 8.5%. Kuaishou rose 6.8%. Baidu rose 7%. Shanghai composite index closed the morning up 59 points. Hang Seng index reached a high of 19328, up 660 points, and closed the morning up 589 points. H share index closed up 254 points and technology index up 185 points. Turnover was $73.8 billion.

The market rose further in the afternoon. Hang Seng index gained more than 700 points. Alibaba rose 6% for 103-point gain. Tencent rose 6% for 93-point gain. Meituan rose 7.76% for 89-point gain. Ping An rose 8.2% for 45-point gain. JD rose 7.5% for 30-point gain. CCB rose 4.2% for 35-point gain. HSBC rose 1.5% for 30-point gain. HK Exchanges rose 4.8% for 30-point gain. AIA rose 1.9% for 27-point gain. CM Bank rose 10.6% for 24-point gain. The top five blue chips gainers were all Mainland properties related shares. Longfor rose 25.2%. CG Services rose 24.4%. Country Garden rose 10%. China Overseas Land rose 12.3%. CR Land rose 11%. Mainland banks rose as Mainland developers rebounded. CCB rose 4%. CM Bank rose 10.6%. ICBC rose 3%. BOC rose 3.3%. Metals shares rose. China Hongqiao rose 8.45%. Chalco rose 9.4%. Jiangxi Copper rose 5.8%. Luoyang Moly rose 5.8%. MMG rose 5.9%. Angang rose 4.5%. Maanshan Iron rose 5%. Electric appliances shares rose. Hi Sense rose 6.3%. Haier Smarthome rose 5.2%. TCL rose 5.2%. Hang Seng index reached a high of 19451, up 783 points. Shanghai composite index closed up 67 points. Hang Seng index closed up 766 points, H share index up 333 points and technology index up 242 points. Turnover was $142.1 billion.

Overnight, European markets were mixed. DAX rose 20 points and FTSE rose 13 points but CAC lost 12 points. US markets rose. Dow Jones rose for the 12 straight session by 27 points. S & P rose 13 points and Nasdaq rose 86 points. Hong Kong ADR’s lost 141 points. Night future lost 97 points. We expect the market to fall today.
 
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