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Oils and Mainland banks rose. Hong Kong market was range bound.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 66 points, H share index up 30 points and technology index up 22 points. Blue chips were range bound. Aliba...
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Oils and Mainland banks rose. Hong Kong market was range bound.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 66 points, H share index up 30 points and technology index up 22 points. Blue chips were range bound. Alibaba rose 0.98% for 13-point gain. Tencent rose 0.77% for 10-point gain. Meituan rose 1.4% for 9-point gain. Wuxi Apptec rose 2.5% to become the top gainer at opening. Shanghai composite index opened up 21 points. Hang Seng index reached a high of 16274 points, up 119 points. Shanghai composite index opened down 22 points. The market turned from gain to loss after opening. Alibaba and Tencent turned from gain to loss, dragging down the market. Auto shares fell. BYD cut prices after Lunar New Year. Share price lost 3.7% for 11-point loss to become the top loser. Li Auto lost 1.4%. XPeng lost 4.3%. Nio lost 2.4%. Geely lost 1.85%. Chinese banks cut interest rates. Mainland developers rose. Longfor rose 2.7%. CR Mix rose 1.8%. CG Services rose 1.2%. China Overseas Land rose 1.2%. Handset suppliers fell. Sunny Optical lost 3.1%. AAC lost 3.23%. Q-Tech lost 2.3%. Kingboard announced profit warning. KG Laminates lost 4.8%. Kingboard Holding lost 1.5%. Oil stocks rose. CNOOC rose 3.2% for 12-point gain. Sinopec rose 1.4%. Petrochina rose 0.86%. Oil stocks led the market’s rebound from loss to gain. HSBC and China Mobile rose. Gold miners rose. Zijin rose 1.1%. China Gold rose 4.25%. However, Zhaojin lost 2.67%. Shanghai composite index closed the morning up 0.6 point. Hang Seng index closed the morning down 44 points, H share index down 20 points and technology index down 38 points. Turnover was $39.5 billion.

The market was little changed in early afternoon. Hang Seng index fell slightly. BYD lost 3.8% for 12-point loss. AIA lost 1.2% for 14-point loss. Tencent lost 0.98% for 12-point loss. On the other hand, CNOOC rose 3.3% for 13-point gain. Sinopec rose 1.9%. Petrochina rose 1.4%. The market turned from loss to gain in midafternoon. Mainland banks rose. CCB rose 1.5% for 12-point gain. BOC rose 1% and ICBC rose 1.3%. Power generators rose. CR Power rose 3.4%. China Power rose 3.95%. Huadian International rose 3.26%. Chinese Literature rose 7.2% as its Chinese New Year movie announced good box office receipts. Retailers fell. Lining lost 2.6%. CR Beer lost 1.65%. Budweiser lost 1.4%. Haidilao lost 1.2%. Sunny Optical lost 4% to become the top loser. Shanghai composite index closed up 12 points. The market turned from loss to gain near the close. Hang Seng index closed up 92 points, H share index up 34 points and technology index up 11 points. Turnover was $76.9 billion.

Overnight, European markets were mixed. DAX lost 24 points and FTSE lost 9 points, whereas CAC rose 26 points. US markets fell. Dow Jones lost 145 points. S & P lost 59 points and Nasdaq lost 145 points. Hong Kong ADR’s lost 33 points. Night future lost 59 points. We expect the market to fall today. 
 
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