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Technology stocks led the market’s rally.
The market opened sharply on Friday. Hang Seng index opened up 274 points, H share index up 107 points and technology index up 86 points. China’s March PMI showed expansion a...
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Technology stocks led the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened sharply on Friday. Hang Seng index opened up 274 points, H share index up 107 points and technology index up 86 points. China’s March PMI showed expansion and was better than expected. Technology stocks led the rally. JD announced listing of two subsidiaries. Share price rose 7.1% to lead the gainers for 33-point gain. Alibaba rose 4.4% for 80-point gain. Meituan rose 2% for 21-point gain. HK Exchanges rose 2.56% for 17-point gain. AIA rose 2.2% for 19-point gain. Tencent rose 1.4% for 23-point gain. The market rose further after opening as Hang Seng index gained more than 400 points. Hang Seng index reached a high of 20722, up 413 points. JD’s gain widened to 8% for 38-point gain. Alibaba rose 5% for 85-point gain. Ping An rose 2.3% for 13-point gain. China Mobile rose 1.84% for 13-point gain. Restaurant shares rose. Yihai rose 6.6%. Haidilao rose 3.55%. Shabu Shabu rose 3.7%. Jiumaojiu rose 3.1%. Consumption share rose. Lining rose 2.2%. Sands rose 3.2%. Galaxy rose 2.5%. Haier Smarthome announced 12% increase in net profit. BOC HK lost 3.7% as it failed to meet expectation. However, share pr ice fell 7% to become the top loser. The market’s gain narrowed as investors took profit. Hang Seng index retreated more than 200 points.

The market was little changed in the afternoon. Hang Seng index gained more than 100 points. Alilbaba rose 3.7% for 67-point gain. JD rose 6.5% for 30-point gain. Meituan rose 2.8% for 30-point gain. HK Exchanges rose 1.8% for 12-point gain. China Mobile rose 2.2% for 15-point gain. On the other hand, ICBC lost 2 .1% for11-point loss. HSBC lost 0.65% for 10-point loss. Pharmaceutical shares fell sharply. Pharmaron lost 17% on major shareholders’ selling the share. Rec Bio lost 15%. Genscript lost 8.1%. Alphamab lost 7.2%. Cifi’s trading was suspended. Mainland developers fell. CG Services lost 5.1% to lead the losers. Country Garden lost 3.5%. Longfor lost 2.22%. CR Land lost 1.36%. Logan lost 6.4%. Yuzhou lost 5.4%. Kaisa lost 2.9%. Times China lost 12%. New Town lost 5.5%. The market’s gain narrowed noticeably near the close. Hang Seng index closed up 90 points, H share index up 45 points, technology index up 33 points. Turnover was $146.4 billion. For the first quarter, Hang Seng index rose 619 points; H share index rose 263 points and technology index rose 179 points.

Last Friday night, European markets rose. DAX rose 106 points. CAC rose 59 points and FTSE rose 11 points. US markets soared. Dow Jones rose 415 points. S & P rose 58 points and Nasdaq rose 208 points. Hong Kong ADR’s lost 39 points. Night future rose 131 points. We expect the market to rise in April.
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