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US-China trade talks resumed in Beijing. Trump expressed optimism.
The Hong Kong market opened sharply higher on Monday. The Federal Reserve suddenly turned dovish on interest rate. China’s Central Bank lowered RRR by 1% in January. Hang Sen...
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US-China trade talks resumed in Beijing. Trump expressed optimism.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/01/08 09:18
The Hong Kong market opened sharply higher on Monday. The Federal Reserve suddenly turned dovish on interest rate. China’s Central Bank lowered RRR by 1% in January. Hang Seng index opened up 389 points and H share index up 169 points. All forty blue chips rose at opening. Tencent rose 2.4% to contribute 61 point gain. HSBC rose 1.4% for 36 point gain. Ping An rose 2.23% for 25 point gain. CNOOC rose 3.3% to contribute 21 point gain. China Mobile rose 1.43% to contribute 20 point gain. Energy stocks rose. Shenhua rose 3.4% to lead the gainers. Carmakers and handset suppliers which fell sharply last week rebounded. Geely rose 3.2%. AAC rose 3% and Sunny Optical rose 1.8%. A shares opened up 0.35%. Shanghai composite index rose 9 points. Xiaomi acquired a stake in TCL for RMB160 million. TCL Electronic rose 3.1%. Xiaomi rose 2.8%. Export and import stocks rose on expectation of trade talks. WH Group rose 3.25% and AAC rose 3.56% to lead the blue chips. Hang Seng index reached an intraday high of 26044 points right after opening, up 418 points. However, the market could not hold on to its gains and fell back noticeably. Hang Seng index closed the morning up 172 points and H share index up 75 points. Turnover was $46.5 billion.
 
In early afternoon, the market was little changed. HangSeng index gained about 180 points. Tencent rose 2% to contribute 53 point gain. HSBC rose 0.78% to contribute 20 point gain. HK Exchanges rose 1.75% for 14 point gain. China Mobile rose 0.98% to contribute 14 point gain. WH Group rose 2.9% to lead the blue chips. Internet and software stocks rose. Tencent rose 2%. Kingdee soared 10%. Kingsoft rose 2.3%. Meitu rose 3.8%. Sunny Optical rose 2.4%. Q-Tech rose 1.4%. Cowell rose 4.7%. Local developers continued to rise. CK Assets rose 2.5%. Hang Lung Property rose 1.5%. Henderson Land rose 1.35%. Hang Seng index reached an intraday low of 25753 points, up 127 points. A shares closed up 0.72%. Shanghai composite index rose 18 points. The market rose further near the close. Hang Seng index gained more than 200 points. Tencent rose 2.3% to contribute 58 point gain. China Mobile rose 1.5% for 21 point gain. HSBC rose 0.85% for 20 point gain. The heavyweights led the market’s late rally. Hang Seng index closed up 209 points and H share index closed up 94 points. Turnover was $77.4 billion.
 
Overnight, overseas markets were mixed. European markets fell due to uncertainty over Brexit without an agreement. DAX lost 18 points; CAC lost 18 points and FTSE lost 26 points. US markets rose for the second straight day. China and US started trade talks in Beijing yesterday. Trump expressed optimism.  Dow Jones rose 98 points; S & P rose 17 points. Amazon rose 3%. Nasdaq rose 65 points. Hong Kong ADR’s rose 10 points in New York. Night future rose 31 points. We expect the market to rise today. 
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