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The market opened sharply higher but closed lower.
The market opened higher on Friday. Hang Seng index opened up 179 points, H share index up 75 point and technology index up 61 points. Technology stocks led the rally. Alibaba rose...
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The market opened sharply higher but closed lower.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 179 points, H share index up 75 point and technology index up 61 points. Technology stocks led the rally. Alibaba rose 1.5% for 20-point gain. Tencent rose 0.87% for 15-point gain. Meituan rose 1.8% for 18-point gain. HSBC rose 0.88% for 16-point gain. CCB rose 1.07% for 10-point gain. JD rose 3.3% for 10-point gain. Shanghai composite index openedup 3 points. The market rose further after opening as Hang Seng index soared more than 300 points. Technology stocks rose further. Tencent rose 2.4% for 41-point gain. Alibaba rose 2% for 27-point gain. Meituan rose 2.85% for 29-point gain. AIA rose 2.1% for 22-point gain. HSBC rose 1% for 19-point gain. Pharmaceutical shares rose. Wuxi Biologics rose 4.1%. Wuxi Apptec rose 3.2%. Hansoh Pharm rose 2.87%. Sinopharm rose 2.4%. Akeso soared 87% as clinical trial results for its cancer drug came in positive. The Government waived buying instruction for electric vehicles. Auto shares rose. Li Auto rose 4.24%. BYD rose 1.9%. XPeng rose 6.3%. Nio rose 10%. Zhongcheng rose 2.3%. Consumption stocks rose. Lining rose 3.4%. Anta Sports rose 2.45%. Haidilao rose 1.4%. Shabu Shabu rose 3.8%. Jiumaojiu rose2.9%. Shanghai composite index closed the morning up 5 points. Hang Seng index reached a high of 18551 points, up 321 points and closed the morning up 172 points. H share index closed up 71 points and technology index down up 36 points. Turnover was $63.6 billion.

The market was little changed in early afternoon with Hang Seng index gaining more than 100 points. Finance and technology stocks led the rally. HSBC rose 1.2% for 21-point gain. Alibaba rose 0.92% for 13-point gain. Tencent rose 1.2% for 21-point gain. China Mobile rose 2.25% for 17-point gain. CNOOC rose 2.7% for 12-point gain. CCB rose 1.25% for 12-point gain. ICBC rose 1.8% for 10-point gain. Coal miners rose. China Shenhua rose 2.4%. China Coal rose 3.95%. Yankuang rose 1.44%. Ali Health lost 4.5% to become the top loser. Local landlords fell. Wharf lost 2.35%. Link lost 2.2%. Internet stocks fell. Ali Health lost 7.2% to lead the losers. Zhongan Online lost 4.85%. PA Good Doctor lost 2.85%. Buy East lost 1.8%. Autostreets soared 55% on its trading debut. New listings soared more than 30% on their trading debuts. Shanghai composite index closed down 5 points. The market’s gain narrowed in late afternoon. Meituan lost 3.85% for 38-point loss. Tencent lost 1.65% for 28-point loss. Hang Seng index closed down 150 points. H share index closed down 70 points and technology index down 62 points. Turnover was $191.8 billion.

Last Friday night, European markets rose. DAX rose 1 point. CAC rose 14 points and FTSE rose 44 points. US markets were mixed. Dow Jones rose 575 points. S & P rose 42 points but Nasdaq fell 2 points. Hong Kong ADR’s rose 74 points. Night future rose 72 points. We expect the market to rise today.
 
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