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US markets soared on the strength of technology stocks
The Hong Kong market opened slightly higher on Tuesday.Hang Seng index opened up 68 points and H share index up 30 points.Ping An rose 0.88% to contribute 11 point gain.China Const...
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US markets soared on the strength of technology stocks
2018/06/07 09:31
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Tuesday. Hang Seng index opened up 68 points and H share index up 30 points. Ping An rose 0.88% to contribute 11 point gain. China Construction Bank rose 0.37% to contribute 9 point gain. Want Want, which fell sharply on Tuesday, rebounded 1.21% on Wednesday to lead the gainers. Crude oil fell. Sinopec lost 1.2% to become the top loser at opening. CNOOC lost 0.44%. A shares opened down 0.16%. Shanghai composite index lost 5 points. Bawang’s foundation couple reached a settlement over their dispute. Share price soared 33%. The Hong Kong market rose further after opening. AIA and Tencent supported the market’s rally. Hang Seng index rose more than 200 points. Newswire reported that ZTE reached settlement with the US Government for lifting sanctions. Handset suppliers and semiconductor shares rose strongly. AAC rose 7.37% to become the top gainer. Sunny Optical rose 5.24%. Hongten rose 3.9%. Cowell rose 7.5%. Want Want rose 7.1%. Macau gaming stocks fell. Sands lost 2.5% to become the top loser. Hang Seng index reached a morning high of 31104 points, up 211 points. However, the market could not hold on its gain. A shares closed down 0.22%. Shanghai composite index closed down 6 points. Hang Seng index closed the morning up 141 points and H share index up 39 points. Turnover was $50.8 billion.
 
In early afternoon, the market was little changed. Technology stocks led the rally. Semiconductor share rose. ASM Pacific rose 3%. SMIC rose 2%. Huahong Semiconductor rose 3.3%. Handset suppliers soared. AAC rose 7% and Sunny Optical rose 4%. AIA rose 1.6% to contribute 44 point gain. Tencent rose 0.86% to contribute 25 point gain. Link reported 5.3% gain in 2018 net profit. Share price dipped 0.2%. Property management companies were mixed. Clifford Living rose 5% but A Living lost 0.7%. China Overseas ML lost 0.67%.  The market rose further in midafternoon and Hang Seng index rose more than 200 points. Heavyweights AIA and Tencent led the rally. AIA rose 2% for 52 point gain. Tencent rose 0.95% for 26 point gain. AAC and Sunny Optical together contributed 34 point gain. Hang Seng index closed up 165 points and H share index up 24 points. Turnover was $97.5 billion.  

Overnight, overseas markets were mostly up.  European markets had no direction. DAX rose 43 points; CAC lost 3 points but FTSE rose 25 points. Technology stocks led US markets to soar to three month high.  Dow Jones closed up 346 points; S & P rose 23 points and Nasdaq rose 43 points. Hong Kong ADR’s rose 131 points in New York. Night future rose 94 points. We expect the market to rise today.   
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