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Hong Kong stocks rose for four consecutive days.
The Hong Kong market opened sharply higher on Wednesday. Hang Seng index opened up 361 points and H share index up 146 points. AIA rose 2.34% to contribute 55 point gain. CCB rose ...
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Hong Kong stocks rose for four consecutive days.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/01/10 09:15
The Hong Kong market opened sharply higher on Wednesday. Hang Seng index opened up 361 points and H share index up 146 points. AIA rose 2.34% to contribute 55 point gain. CCB rose 1.89% to contribute 39 point gain. Tencent rose 1.33% to contribute 35 point gain. HSBC rose 0.7% for 18 point gain. Heavyweights led the rally. Geely rebounded 9.3% after falling12% on Tuesday, as broker upgraded its rating to lead the gainers. The State Council announced measures to boost car sales to help economic growth. Mainland developers rose. CR Land rose 3.74%. Country Garden rose 2%. Handset suppliers rose. AAC rose 5.3% and Sunny Optical rose 5.7%. Q-Tech announced 25% increase in sales on a monthly basis. Share price rose 5.6%. Xiaomi continued to be weighed down as the blackout period for employee shares expired and lost 5.4%. Export/import shares rose. WH Group rose 5.1%. Oil stocks rose on higher crude oil prices. CNOOC rose 4.2%. Sinopec rose 4.5%. Petrochina rose 4.4%. A shares opened up 0.58%. Shanghai composite index rose 15 points. The Hong Kong market rose further after opening. Hang Seng index soared more than 600 points. All forty blue chips advanced. Tencent, AIA, CCB, ICBC and HSBC led the rally. A shares closed the morning up 1.6%. Shanghai composite index rose 40 points. Hong Kong shares followed A shares higher. Hang Seng index reached a morning high of 26540 points up 665 points and closed up 636 points. H shares rose 264 points. Turnover was $64.3 billion. 
 
In the afternoon, the market maintained its momentum. Hang Seng index gained more than 600 points. Tencent rose 3.7% to contribute 98 point gain. AIA rose 2.8% to contribute 66 point gain. CCB rose 2.65% for 59 point gain. HSBC rose 1.7% to contribute 44 point gain. The State Reform and Development Commission planned to boost spending on home appliances and cars. Carmakers rose sharply. Geely rose 9.6%. Great Wall Motor rose 11%. GAC rose 8.6%. Haier rose 6.2%. Hi-sense rose 15%. TCL rose 5.8%. Skyworth rose 9.8%. Techtronic rose 6.4%. Consumer stocks rose. Mengniu rose 4%. Want Want rose 4.9%. Tingyi rose 3%. WH Group rose 4.8%. BJ Blue Sky rose 22% to lead all stocks as broker upgraded the rating. A shares closed up 0.71%. Shanghai composite index closed up 18 points. Hong Kong shares followed A shares and traded lower at the close. Hang Seng index reached a high of 26597 points, up 722 points and closed up 586 points and H share index closed up 224 points. Turnover was $112.7 billion.
 
Overnight, overseas markets were higher. China and the US reached agreement on China’s purchase of US goods to reduce trade deficit. European markets rose about 0.8%. DAX rose 89 points; CAC rose 40 points and FTSE rose 45 points. US stocks rose for four consecutive days. Dow Jones rose 91 points; S & P rose 10 points and Nasdaq rose 48 points. Hong Kong ADR’s rose 35 points in New York. Night futures rose 62 points. We expect the market to rise today. 
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