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Turnover fell as lethargy returned to the Hong Kong market.
The market opened higher on Tuesday. Hang Seng index opened up 123 points, H share index up 46 points and technology index up 40 points. HSBC rose 1.2% for 17-point gain. Alibaba r...
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Turnover fell as lethargy returned to the Hong Kong market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Tuesday. Hang Seng index opened up 123 points, H share index up 46 points and technology index up 40 points. HSBC rose 1.2% for 17-point gain. Alibaba rose 0.75% for 11-point gain. Tencent rose 0.59% for 9-point gain. Shanghai composite index opened down 2 points. The market rose further after opening. Hang Seng index gained more than 200 points and reached a high of 19781 points, up 205 points. AIA rose 1.1% for 12-point gain. CNOOC rose 2.3% for 10-point gain. Sunny Optical rose 4.9% to become the top gainer at opening. Q-Tech rose 8.3%. Cowell rose 2.86%. Foxconn rose 3.45%. BYD Electronic rose 4.2%. The market’s gain narrowed in midmorning as Hang Seng index gained under 100 points. Xiaomi lost 2.6% for 21-point loss. Meituan lost 0.83% for 13-point loss. Trip rose 5.3% to lead the blue chips. Auto shares were mixed. Xiaomi lost 3.1%. Geely lost 2.76%. Dongfeng, which soared 14% on Monday, fell 5.9%. On the contrary, BYD rose 0.4%. Li Auto rose 2.1%. XPeng rose 2.9%. Nio rose3.2%. Great Wall rose 1.6%. Gold miners rose. Zijin rose 4.6%. China Gold rose 9.5%. Zhaojin rose 3.1%. Lithium miners rose. Tianqi Lithium rose 3.1%. Ganfeng Lithium rose 3.2%. Shanghai composite index closed the morning down 13 points. Hang Seng index closed the morning up 64 points, H share index up 16 points and technology index up 37 points. Turnover was $63.3 billion.

The market was little changed in early afternoon. Hang Seng index gained under 50 points. HSBC rose 1.3% for 18-point gain. Trip rose 5.7% to lead the blue chips for 8-point gain. AIA rose 0.64% for 6-point gain. Tencent rose 0.5% for 7-point gain. On the contrary, Xiaomi’s gross margin of handsets decreased. Share price fell 3.6% for 30-point loss to become the top loser. Alibaba lost 1.04% for 6-point loss. Consumption stocks rose. Nongfu Spring rose 2.7%. Haidilao rose 1.8%. Budweiser rose 1.3%. However the market soon turned from gain to loss. Xiaomi lost 4.2% for 36-point loss. Alibaba lost 1.6% for 25-point loss. Medical shares fell. Sino Biopharm lost 1.5%. Wuxi Apptec lost 1.3%. Ali Health lost 0.8%. Hang Seng index reached a low of 19522 points, down 54 points. The market turned from loss to gain again in midafternoon. A shares turned from loss to gain. Meituan rose 1.8% for 30-point gain. HSBC rose 1.06% for 16-point gain. Tencent rose 0.94% for 14-point gain. Shanghai composite index closed up 22 points. Hang Seng index closed up 87 points, H share index up 25 points and technology index up 53 points. Turnover was $122 billion.

Overnight, European markets fell. Ukraine used US made missiles to attack inside Russia. Russia lowered the threshold for nuclear war. DAX lost 129 points. CAC lost 49 points and FTSE lost 10 points. US markets were mixed. Dow Jones lost 120 points. Technology stocks rose to lift the broader market. S & P rose 23 points and Nasdaq rose 196 points. Hong Kong ADR’s lost 124 points. Night future lost 71 points. We expect the market to fall today.
 
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