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A shares soared. Hong Kong market followed but rally was short-lived.
The Chinese Government launched initiatives to save the stock markets in China. Shanghai composite index opened up 155 points or 5%. Hong Kong market followed suit and opened sharp...
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A shares soared. Hong Kong market followed but rally was short-lived.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Chinese Government launched initiatives to save the stock markets in China. Shanghai composite index opened up 155 points or 5%. Hong Kong market followed suit and opened sharply higher. Hang Seng index opened up 563 points, H share index up 232 points and technology index up 198 points. Alibaba rose 4.97% for 81-point gain. Meituan rose 4.4% for 52-point gain. Tencent rose 3.3% for 50-point gain. HK Exchanges rose 7.18% for 45-point gain. Ping An rose 5.73% for 29-point gain. AIA rose 1.85% for 24-point gain. Mainland brokers soared on the news. Cosco Securities rose 8%. CSC rose 10%. CICC rose 11.3%. China Galaxy rose 11%. Haitong rose 10%. Mainland developers rose the most. Country Garden rose 14.8% to lead the gainers. Longfor rose 8.88%. CG Services rose 7.56%. Evergrande resumed trading and lost 87%. The market retreated after opening as Hang Seng index gained more than 300 points. Auto shares rose. XPeng acquired Didi Auto. Share price soared 15.6%. Nio rose 5.1%. Li Auto rose 4.66%. BYD rose 2.95%. Geely rose 2.94%. Shanghai composite index closed the morning up 70 points. Hang Seng index reached a high of 18564 points shortly after opening, up 608 points. The market retreated during the morning as the excitement faded. Hang Seng index closed the morning up 304 points, H share index up 127 points and technology index up 110 points. Turnover was $63.3 billion.

The market continued to consolidate in the afternoon, as opening enthusiasm faded. Hang Seng index gained more than 200 points. Alibaba rose 2.3% for 38-point gain. Tencent rose 2.4% for 36-point gain. Meituan rose 2.2% for 26-point gain. HK Exchanges rose 4.24% for 26-point gain. AIA rose 1.03% for 13-point gain. Ping An rose 2.8% for 14-point gain. HSBC rose 0.7% for 12-point gain. CCB rose 1.5% for 12-point gain. ENN fell 4.2% to become the top loser. CR Power lost 2.7%. Weibo’s results were worse than expected. Share price fell 6.76%. However, PA Good Doctor reported good interim results. Share price rose 4.55%. Lenovo rose 4.1%. Ali Health rose 3.5%. Netease rose 3.2%. Sunny Optical rose 2.85%. Cowell rose 3.23%. AAC rose 2%. Chinese brokers which soared at opening retreated. CSC lost 0.95%. Citic Securities lost 0.5%. Mainland developers also retreated. Country Garden rose only 3.7%. Longfor lost 1.7%. China Overseas Land lost 0.4%. Shanghai composite index closed up 34 points. Hang Seng index closed up 176 points, H share index up 71 points and technology index up 68 points. Turnover was $101 billion.

Overnight, overseas markets rose. DAX rose 161 points. CAC rose 95 points. FTSE was closed for holiday. US interest rates fell. US markets rose. Dow Jones rose 213 points. S & P rose 27 points and Nasdaq rose 114 points. Hong Kong ADR’s rose 89 points. Night future rose 164 points. We expect the market to rise today.  
 
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