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Financials led the market’s rally.
The market opened slightly higher on Tuesday. Hang Seng index opened up 35 points, H share index up 9 point and technology index up 8 points. Tencent rose 0.85% for 12-point gain. ...
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Financials led the market’s rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly higher on Tuesday. Hang Seng index opened up 35 points, H share index up 9 point and technology index up 8 points. Tencent rose 0.85% for 12-point gain. BYD rose 2% for 9-point gain to lead the gainers. Xiaomi rose 1.05% for 8-point gain. On the contrary, Alibaba lost 0.36% for 5-point loss. HSBC lost 0.2% for 3-point loss. Shanghai composite index opened up 2 points. The market was little changed after opening as the market remained range bound. Xiaomi, Techtronic, AIA and HSBC rose to lead the market. However, Alibaba, Meituan, CNOOC and China Mobile fell to depress the market. The market fell further in midmorning as Hang Seng index lost more than 100 points. Meituan lost 3.5% for 57-point loss to lead the losers. Alibaba lost 1.07% for16-point loss. Tencent lost 1% for 15-point loss. AIA lost 0.95% for 10-point loss. On the other hand, Xiaomi rose 2.3% for 18-point gain. Lenovo rose 3.8% to become the top gainer. Auto shares fell. GAC lost 4.3%. Li Auto lost 2.4%. XPeng lost 2%. Nio lost 1.14%. Geely lost 1%. Retail stocks fell. Nongfu Spring lost 2.4%. Chow Tai Fook lost 2.3%. CR Beer lost 1.13%. Lining lost 1.3%. Shanghai composite index closed the morning up 8 points. Hang Seng index closed the morning up 69 points, H share index up 16 points and technology was flat. Turnover was $68 billion.

The market rose further in the afternoon. Hang Seng index gained more than 100 points. Financials led the rally. CCB rose 1.7% for 18-point gain. HSBC rose 1.1% for 17-point gain. ICBC rose 2.4% for 14-point gain. Xiaomi rose 1.75% for 14-point gain. BOC rose 1.93% for 9-point gain. On the other hand, Meituan lost 1.55% for 23-point loss. JD lost 1.15% for 4-point loss. SMIC lost 2.1%. Nongfu Spring lost 2.4%. Li Auto lost 1.3%. Wuxi list of companies led the blue chips. Wuxi Biologics rose 6.8% and Wuxi Apptec rose 5.2% to lead the blue chips. Lenovo rose 4.4% and Hang Seng Bank rose 3.3% to become the top third and fourth gainers. Shanghai composite index closed up 15 points. The market rose further in late trading as Hang Seng index reached a high of 19768 points, up 218 points. CCB rose 2% for 21-point gain. HSBC rose 1.9% for 20-point gain. Tencent rose 1.15% for 17-point gain. Hang Seng index closed up 196 points, H share index up 63 points and technology index up points. Turnover was $126.7 billion.

Overnight, European markets rose. DAX rose 83 points. CAC rose 18 points and FTSE rose 46 points. US markets were mixed. Dow Jones lost 76 points but S & P rose 3 points and Nasdaq rose 77 points. Both S & P and Nasdaq set record closing highs. Hong Kong ADR’s lost 115 points. Night futures lost 26 points. We expect the market to fall today. 
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