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The Hong Kong market rose for three consecutive days. Technology stocks led the rally.
The Hong Kong market opened slightly lower on Tuesday. Hang Seng index opened down 17 points, H share index down 4 points and technology index down 1 point, Blue chips were range b...
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The Hong Kong market rose for three consecutive days. Technology stocks led the rally.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly lower on Tuesday. Hang Seng index opened down 17 points, H share index down 4 points and technology index down 1 point, Blue chips were range bound. HSBC lost 0.3% for 6-point loss. Alibaba lost 0.4% for 4-point loss. Tencent lost 0.3% for 3-point loss. On the contrary, CNOOC rose 1.15% for 5-point gain. Petrochina rose 1.1%. Hang Lung Property rose 1.23% to lead the blue chips. Sands lost 1.2% to become the top blue chip loser at opening. A shares opened flat. The Hong Kong market fluctuated between gain and loss after opening. Hang Seng index lost under 100 points at its nadir and then rose again. Meituan rose 3.8% for 42-point gain. Tencent rose 1.7% for 20-point gain. Alibaba rose 1.1% for 14-point gain. Consumption stocks continued to advance. Haidilao rose 3.54%. Lining rose 2.8%. CR Beer rose 1.5%. Budweiser rose 1.5%. Apple’s handset contractors resumed production. Handset suppliers rose. AAC rose 3.4%. Sunny Optical rose 1.9%. Q-Tech rose 3.6%. Tsingtao Beer became the top stock in turnover when Fosun disposed of its large holding. Share price rose 4.4%. A shares closed the morning up 23 points. Hang Seng index reached a low of 21030, down 94 points and rose to a high of 21259, up 135 points. At morning’s close, Hang Seng index closed up 91 points, H share index up 66 points and technology index up 78 points. Turnover was $70.8 billion.

The market rose further in the afternoon. China’s May PMI was 49.6, 2 points better than April and better than expected. Hang Seng index rose more than 200 points. Technology stocks led the rally. Meituan rose 6.5% for 72-point gain. Tencent rose 3.6% for 43-point gain. Alibaba rose 2.7% for 36-point gain. Wuxi Biologics rose 4.2% for 18-point gain. Lining rose 5.7% for 15-point gain. CNOOC rose 2.8% for 12-point gain. Government policy lent support. Renewable energy stocks rose. SFSY rose 12%. Xinyi Solar rose 5.6%. GCL rose 4%. GCL NE rose 13%. Shunfeng New Energy rose 7.7%. Xinte Energy rose 6.67%. Suntien rose 6.7%. Power generators rose sharply. CR Power rose 8.3%. China Power rose 8%. Huaneng rose 9%. Datang Power rose 3.76%. Technology stocks rose. GDS rose 9.5%. Bili Bili rose 4.8%. Sensetime rose 4.7%. Baidu rose 4.5%. Kuaishou rose 4.23%. Ali Health rose 3.3%. PA Good Doctor rose 4.35%. Property management shares rose. CG Services rose 7.1% to lead the blue chips. A Living rose 5.2%. Times Neighour rose 6.3%. S-Enjoy rose 4.4%. A shares closed up 37 points. Hang Seng index closed at the intraday high of 21415 points, up 291 points. H share index closed up 161 point and technology index up 131 points. Turnover was $245.6 billion.

Overnight, overseas markets generally fell. DAX lost 187 points. CAC lost 93 points but FTSE rose 7 points. US markets ended a three-day rising streak. Dow Jones lost 222 points. S & P lost 26 points and Nasdaq lost 59 points. Hong Kong ADR’s lost 97 points. Night future lost 260 points. We expect the market to rise today.
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