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The market soared on the strength of technology stocks.
The market opened higher on Thursday. Hang Seng index opened up 58 points, H share index up 30 points and technology index up 20 points. AIA lost 1.37% for 14-point loss. Meituan r...
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The market soared on the strength of technology stocks.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Thursday. Hang Seng index opened up 58 points, H share index up 30 points and technology index up 20 points. AIA lost 1.37% for 14-point loss. Meituan rose 1.12% for 18-point gain. Tencent rose 1.02% for 16-point gain. Baidu rose 2.05% to lead the gainers. On the other hand, Zhongcheng lost 2.04% to lead the losers. Shanghai composite index opened down 2 points. The market was little changed after opening. The market remained range bound. Tencent rose 1.36% for 22-point gain. On the other hand, Meituan lost 1.9% for 29-point loss. AIA lost 1.1% for 12-point loss. JD lost 2.5% for 10-point loss. Pharmaceutical shares fell. Wuxi Biologics lost 2.7% to lead the losers. Wuxi Apptec lost 2.33%. Hansoh Pharm lost 0.5%. Ali Health lost 0.8%. JD Health lost 0.6%. The price of gold continued to rise. Zijin rose 1.3%. Zhaojin rose 1.2%. SD Gold rose 1.6%. Handset suppliers rose. Sunny Optical rose 2.54% to lead the blue chips. Foxconn rose 2.3%. Q-Tech rose 1.4%. Cowell Electronics rose 2.4%. Retail stocks rose. Mengniu rose 7.2%. CR Beer rose 7.7% to lead the gainers. Tingyi rose 2.7%. Haidilao rose 4.95%. Budweiser rose 3.9%. The market rose sharply in midmorning as Hang Seng index gained more than 200 points. Tencent rose 2.88% for 461-point gain. Alibaba rose 2.3% for 36-point gain. Meituan rose 1.6% for 24-point gain. Xiaomi rose 2.8% for 2238-point gain. Ping An rose 3.2% for 16-point gain. HK Exchanges rose 2.6% for 15-point gain. CCB rose 1.1% for 12-point gain. Shanghai composite index closed the morning up 14 points. Hang Seng index closed the morning up 346 points, H share index up 148 points and technology index up 115 points. Turnover was $81.1 billion.

The market was little changed in the afternoon as Hang Seng index gained more than 300 points. Technology stocks led the rally. Alibaba rose2.9% for 47-point gain. Tencent rose 2.63% for 41-point gain. Xiaomi rose 4.3% for 36-point gain. Meituan rose 1.8% for 26-point gain. Ping An rose 2.5% for 13-point gain. CCB rose 1.2% for 13-point gain. HK Exchanges rose 2.15$ for 12-point gain. BYD rose 2.56% for 12-point gain. Mainland banks rose. CCB rose 1.4%. ICBC rose 1.5%. BOC rose 1.8%. CM Bank rose 3.1%. Technology stocks rose. Bili Bili rose 5.3%. Trip rose 4.3%. Baidu rose 3.1%. Kuaishou rose 2.9%. Shanghai composite index closed up 29 points. Hang Seng index closed up 242 points, H share index up 120 points and technology index up 69 points. Turnover was $157.8 billion.

Overnight, European markets were mixed. DAX rose 27 points and FTSE rose 10 points but CAC lost 2 points. US PPI rose more than expected. Stock markets fell. Dow Jones lost 234 points. S & P lost 33 points and Nasdaq lost 134 points. Hong Kong ADR’s lost 221 points. Night future lost 251 points. We expect the market to fall today. 
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