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Official PMI rose sharply. Hong Kong market soared by more than 800 points.
The Hong Kong market opened slightly higher on Wednesday. Hang Seng index opened up 64 points, H share index up 13 points and technology index up 13 points. Financials and technolo...
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Official PMI rose sharply. Hong Kong market soared by more than 800 points.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Wednesday. Hang Seng index opened up 64 points, H share index up 13 points and technology index up 13 points. Financials and technology stocks rose. AIA rose 1.14% for 18-point gain. HSBC rose 0.93% for 18-point gain. Tencent rose 1.1% for 19-point gain. On the contrary, Meituan lost 0.59% for 6-point loss. Wuxi Biologics lost 1.28% to lead the losers. A shares opened down 4 points. China’s official January PMI rose to 52.6, better than expected. Stock market rose on the news. Hang Seng index soared by more than 600 points. Heavyweights rose sharply. Tencent rose 5.3% for 93-point gain. Alibaba rose 4.2% for 62-point gain. Meituan rose 3.2% for 33-point gain. HSBC rose 1.2% for 23-point gain. AIA rose 2.1% for 33-point gain. HK Exchanges rose 3.8% for 26-point gain. Ping An rose 5.2% for 32-point gain. Beer shares rose sharply. Budweiser rose 5.53%. CR Beer rose 3.1%. Handset suppliers rose. Sunny Optical rose 7.7% to lead t he blue chips. AAC rose 2.4%. Q-Tech rose 4.8%. Cowell rose 9.8%. Mainland developers rebounded. Longfor rose 6.5%. Country Garden rose 4.6%. CG Services rose 3.7%. CR Land rose 2.1%. China Overseas Land rose 2.1%. Cifi rose 4.78%. Auto stocks rebounded. BYD rose 4.54%. Geely rose 3.7%. Li Auto rose 7.15%. Nio rose 4.8%. XPeng rose 7.7%. Shanghai composite index closed the morning up 29 points. Hang Seng index reached a high of 20445, up 661 points, and closed the morning up 666 points. H share index closed up 270 points and technology index up 197 points. Turnover was $77 billion.

The market rose further in the afternoon, with Hang Seng index gaining more than 800 points. Technology stocks led the rally. Tencent rose 6.98% for 123-point gain. Alibaba rose 6% for 93-point gain. AIA rose 3.4% for 56-point gain. Meituan rose 4.9% for 50-point gain. Ping An rose 7.4% for 46-point gain. HK Exchanges rose 4.7% for 29-point gain. HSBC rose 1.6% for 31-point gain. Mainland developers rose sharply. Longfor rose 9.15% to lead the blue chips. Country Garden rose 8.67%. Cifi rose 8.3%. Poly Property rose 10.1%. Yuexiu rose 7.96%. Technology stocks rose. Kingdee rose 9.7%. Ming Yuan Cloud rose 7.7%. Baidu rose 6.8%. Netease rose 6.5%. Sensetime rose 6.3%. Chinese Literature rose 6.2%. Zhongan Online rose 6.2%. Restaurant shares soared. Haidilao rose 3.8%. Shabu Shabu rose 6.8%. Jiuimaojiu rose 8%. Nayuki rose 10.3%. Helenz rose 10.1%. Budweiser rose 6.6%. CR Beer rose 7.16%. Macau gaming shares rose. Wynn rose 7%. SJM rose 4.8%. Sands rose 4%. Galaxy rose 3.2%. Hang Seng index reached a high of 20674, up 889 points. Shanghai composite index closed up 33 points. Hang Seng index closed up 834 points, H share index up 333 points and technology index up 260 points. Turnover was $153.9 billion.

Overnight, overseas markets had no direction and traded mixed. DAX lost 60 points and CAC lost 34 points. However, FTSE rose 39 points. US markets were also mixed. Interest rate worries still depressed market sentiment. Dow Jones rose 5 points but S & P lost 19 points and Nasdaq lost 76 points. Hong Kong ADR’s lost 138 points. Night future lost 171 points. We expect the market to fall today.
 
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