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Hang Seng index rose last week for the first time in July.
The market opened higher on Friday. Hang Seng index opened up 143 points, H share index up 50 points and technology index up 57 points. Meituan rose 1.9% for 24-point gain. HSBC ro...
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Hang Seng index rose last week for the first time in July.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 143 points, H share index up 50 points and technology index up 57 points. Meituan rose 1.9% for 24-point gain. HSBC rose 1.35% for 22-point gain. Wuxi Biologics rose 2.67% to lead the blue chips for 15-point gain. Alibaba rose 0.7% for 10-point gain. Tencent rose 1.08% for 9-point gain. A shares opened up 4 points. The market rose further after opening Hang Seng index gained more than 200 points. Hang Seng index reached a high of 20788, up 213 points. Meituan rose 2.2% for 28-point gain. CCB rose 1.42% for 14-point gain. Alibaba rose 1.2% for 17-point gain. Properties rebounded. CG Services rose 2.43%. Hang Lung Properties rose 2.4%. Longfor rose 1.2%. Auto stocks rebounded. Geely rose 1.34%. BYD rose 2.67%. Li Auto rose 4.7%. Nio rose 4.3%. XPeng rose 2.32%. Great Wall rose 2%. Consumption stocks rose. Haidilao rose 2.94%. Budweiser rose 2.65%. CR Beer rose 2%. However, Xte’'s chairman sold shares in the company. Share price fell 8%. SMIC successfully developed 7 nano meter chip. Share price rose 2.4%. Huahong rose 1.35%. Shanghai Fodan rose 1.2%. The market’s gain narrowed near midday. Hang Seng index gained under 100 points. Heavyweights retreated for opening highs. HSBC rose 1.24% for 21-point gain. Alibaba rose 1.54% for 10-point gain. Techtronic rose 3.2% for 9-point gain. A shares closed the morning up 10 points. Hang Seng index closed the morning up 24 points, H share index up 14 points and technology index up 16 points. Turnover was $46.6 billion.

The market was little changed in early afternoon. Hang Seng index edged higher. Hang Seng index rose 25 points. HSBC rose 1.14% for 19-point gain. Alibaba rose 0.78% for 11-point gain. CCB rose 1.01% for 10-point gain. Meituan rose 0.63% for 8-point gain. On the contrary, Techtronic lost 3.2% for 9-point loss. HSBC lost 0.62% for 5-point loss. The Macau Government announced a 10 billion measure to help boost businesses including casinos. Sands rose 3.3%. Galaxy rose 0.9%. SJM rose 2.2%. Wynn rose 1.8%. However, the market soon turned from gain to loss, as heavyweights lost ground. Resources stocks fell. Cement stocks fell sharply. Conch Cement lost 6.3%. CNBM lost 7.3%. CR Cement lost 4.5%. Maanshan Iron lost 2.35%. Angang Steel lost 1.9%. Non-ferrous metals fell. Chalco lost 2.8%. China Hongqiao lost 3.6%. Luoyang Moly lost 7.5%. MMG lost 6.1%. Shipping stocks rose. OOIL rose 2.9% to lead the blue chips. STI rose 2%. Cosco Holding rose 1%. A share closed down 2 points. Hang Seng index fell to a low of 20514, down 31 points. The market rebounded from intraday low and Hang Seng index closed up 34 points. H share index closed up 7 points. Technology index closed up 15 points. Turnover was $85.1 billion.

Last Friday night, overseas markets were mixed. European markets rose. DAX rose 7 points. CAC rose 15 points and FTSE rose 6 points. US markets fell. Dow Jones lost 137 points. S & P lost 37 points and Nasdaq lost 225 points. Hong Kong ADR’s lost 134 points. Night future lost 190 points. We expect the market to fall today.  
 
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