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The Hong Kong market rebounded spectacularly as the market expected relaxation of some of the most stringent lockdown measures.
The Hong Kong market rebounded on Tuesday. The Chinese Government relaxed some of the strictest covid control measures. Hong Kong stocks rebounded strongly. Technology stocks led t...
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The Hong Kong market rebounded spectacularly as the market expected relaxation of some of the most stringent lockdown measures.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market rebounded on Tuesday. The Chinese Government relaxed some of the strictest covid control measures. Hong Kong stocks rebounded strongly. Technology stocks led the rebound. Tencent rose 2.37% for 31-point gain. Meituan rose 2.8% for 30-point gain. Alibaba rose 2% for23-point gain. JD rose 4.15% for 21-point gain. Ping An rose 2.75% for 12-point gain. Second line technology stocks advanced. Baidu rose 5.94%. Netease rose 4.04%. Ming Yuan Cloud rose 8.2%. Trip.com rose 6.13%. GDS rose 4.9%. The Government announced 5 measures to support the developers. Mainland developers rose the most. Country Garden rose 13.3%. CG Services rose 11.9%. Longfor rose 9.9%. These were the top gainers at opening. CR Land rose 5.3%. China Overseas Land rose 5.6%. Sino Ocean rose 7.78%. Cifi rose 5.9%. Logan rose 6.8%. The market rose further after opening, as Hang Seng index soared more than 300 points. Financials rose. AIA rose 2.2% for 27-point gain. HK Exchanges rose 1.9% for 10-point gain. CCB rose 2% for 16-point gain. CM Bank rose 4% for 10-point gain. Then, the market rose further in midmorning, as Hang Seng index soared more than 600 points. Alibaba rose 5.3%. Meituan rose 5.3%. AIA rose 3.5%. Tencent rose 3.2%. A shares closed the morning up 67 points. Hang Seng index reached a high of 17999, up 701 points, and closed the morning up 666 points. H share index closed up 277 points and technology index up 187 points. Turnover was 82.6 billion.

The market rose further in the afternoon. Hang Seng index rose more than 700 points and breached 18000 points for a moment. Financial and technology stocks led the rally. Meituan rose 8.9% for 96-point gain. Alibaba rose 6.5% for 76-point gain. AIA rose 4.4% for 62-point gain. Tencent rose 4.1% for 55-point gain. Ping An rose 9.2% for 40-point gain. JD rose 8.9% for 46-point gain. HK Exchanges rose 6.45% for 36-point gain. CG Services rose 13.5%; Haidilao rose 13.2%; Longfor rose 10.8% to lead the gainers. Consumption stocks rose sharply. Haidilao rose 13.2%. Anta Sports rose 6.5%. Lining rose 5%. Jiumaojiu rose 11%. Shabu Shabu rose 8.7%. Macau gaming stocks rose. Sands rose 5.2%. Galaxy rose 5.7%. Wynn rose 11.7%. MGM rose 5.5%. The market rose further in closing. Ping An rose 12.9%. Meituan rose 11.5%. Alibaba rose 9.1%. HK Exchanges rose 7.5%. Tencent rose 5.8%. AIA rose 5.4%. CCB rose 2.8%. Hang Seng index closed at the highest level of the day at 18207, up 907 points. H share index closed up 364 points and technology index up 263 points. Turnover was $166.7 billion.

Overnight, overseas markets were mixed. DAX lost 28 points but CAC rose 4 points and FTSE rose 38 points. US markets were range bound. Dow Jones rose 3 points but S & P lost 6 points and Nasdaq lost 40 points. Hong Kong ADR’s lost 40 points and night future lost 57 points. We expect the market to fall today.  
 
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