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Alibaba led the market’s rally.
The market opened slightly higher on Thursday. Hang Seng index opened up 24 points, H share index up 13 points and technology index up 32 points. Technology stocks led the rally. ...
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Alibaba led the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly higher on Thursday. Hang Seng index opened up 24 points, H share index up 13 points and technology index up 32 points. Technology stocks led the rally. Alibaba rose 2.7% to lead the gainers for 47-point gain. Tencent rose 1.3% for 23-point gain. On the other hand, Ping An lost 1.45% for 9-point loss. CNOOC lost 2.2% for 7-point loss. China Life lost 2.3% to lead the losers for 9-point loss. The market turned from gain to loss after opening, as insurers led the fall. Ping An lost 2.9% for 18-point loss. China Life lost 5.7% for 10-point loss. CCB lost 1.6% for 16-point loss. AIA lost 0.8% for 13-point loss. HK Exchanges lost 1.3% for 10-point loss. Technology stocks fell. Ali Health lost 8%. JD Health lost 5.1%. Baidu lost 4.3%. Lenovo lost 4.2%. Chinese Literature lost 3.85%. Kingsoft lost 3%. Netease lost 2.23%. Bili Bili lost 2%. However, Kuaishou reported strong sales in the fourth quarter. Share price rose 6.67%. Petrochina announced 62% increase in 2022 net profit and declared final dividend and share buyback. Share price rose 4.4% to lead the blue chips. Shanghai composite index closed the morning down 8 points. Hang Seng index fell to a low of 20017 points, down 175 points. There was support at low level and the market rebounded. Hang Seng index closed the morning down 138 points, H share index down 64 points and technology index down 47 points. Turnover was $66.7 billion.

The market turned from loss to gain in the afternoon. Hang Seng index rose more than 100 points. HSBC rose 1.3% for 23-point gain. HSBC rose 1.8% for 31-point gain. Alibaba rose 2% for 33-point gain. Petrochina rose 7.6% to lead the gainers for 13-point gain. Meituan rose 1.3% for 13-point gain. BYD rose 3.4% for 13-point gain. Auto stocks followed BYD higher. Nio rose 6.5%. XPeng rose 6.9%. Leapmotor rose 6.96%. Kingsoft Cloud soared 21%. However, Sinosoft lost 14%. XD lost 4%. Handset related shares fell. ZTE lost 5.23%. Q-Tech lost 6.3%. Fosun reported 95% fall in 2022 profit. Share price fell 6.87%. Cosco Holding reported 14% fall in 2022 profit. Share price lost 4.8%. However, OOIL rose 1.7%. Hang Seng index reached a high of 20320 points, up 128 points. However, the market could not hold on to its gain. Insurers fell to drag down the market. Ping An lost 2.1% for 13-point loss. China Life reported 37% fall in net profit. Share price fell 6% for 11-point loss. Mainland developers rose. Country Garden reported $6 billion in losses. Yet share price rose 6%. CG Services rose 7.4%. Cifi rose 8.45%. Logan rose 5.75%. Longfor rose 5.96%. Shanghai composite index closed up 21 points. Hang Seng index closed up 116 points, H share index up 44 points and technology index up 24 points. Turnover was $133.6 billion.

Overnight, overseas markets rose as the banking crisis eased. DAX rose 193 points. CAC rose 76 points and FTSE rose 56 points. US markets rose for the second straight day. Dow Jones rose 141 points. S & P rose 34 points and Nasdaq rose 87 points. Hong Kong ADR’s rose 41 points. Night future rose 213 points. We expect the market to rise today.
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