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Telecoms soared to lift the market.
The Hong Kong market opened sharply higher on Thursday. Tencent’s interim results were better than expected. Hong Kong shares soared on the news. Hang Seng index opened up 24...
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Telecoms soared to lift the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/08/14 09:13
The Hong Kong market opened sharply higher on Thursday. Tencent’s interim results were better than expected. Hong Kong shares soared on the news. Hang Seng index opened up 246 points and H share index up 70 points. Tencent rose 2.87% for 75 point gain. Tencent rose 1.44% for 42 point gain. Techtronic rose 7.75% to lead the blue chips and contributed 29 point gain. HK Exchanges rose 1.35% for 17 point gain. Hengan lost 0.98% to become the top loser at opening. A shares opened up 0.27%. Shanghai composite index opened up 9 points. The market fell after opening, as HSBC lost 1.54% for 43 point loss. Hang Seng Bank lost 1.2%. Local properties fell. Hang Lung lost 3.5% to lead the losers. Sino Land lost 3%. CK Assets lost 1.27%. Macau gaming stocks fell. Sands lost 2.25%. Galaxy lost 1.2%. China Unicom’s interim results beat expectation. Share price soared 23% to lead the gainers and contributed 19 point gain. China Mobile rose 5.27% for 55 point gain. Internet stocks rose. Alibaba rose 2.55%. Meituan rose 1.3%. Xiaomi rose 1%. The market fell to a low of 25180 points, down 64 points. Hang Seng index closed the morning down 30 points but H share index closed up 48 points. Turnover was $65.2 bilion.

The market rebounded in the afternoon. Hang Seng index turned from loss to gain. Telecom soared as China Unicom reported strong interim results. China Unicom rose 28% for 24 point gain. China Mobile rose 4.2% for 43 point gain. China Telecom rose 9.4%. Techtronic rose 10% for 38 point gain. Tencent lost 1.25% for 33 point loss. HSBC lost 0.56% for 15 point loss. AIA lost 0.67% for 17 point loss. CCB lost 1% for 16 point loss. Bawang Group reported lower losses. Share price soared 2.3 times. Media stocks which soared this week fell sharply. Next Media lost 38%. Most Kwai Chung lost 20%. One Media lost 8%. Miming Mart lost 30%. Cansino’s A shares listed in Shanghai today. A share soared 100% but H share lost 5%. Brilliant Motor might be privatized. But share price fell 9.4%. A shares closed up 0.04%. Shanghai composite index closed up 1 point. Hang Seng index closed down 13 points. H share index closed up 28 points. Turnover was $116.4 billion.

Overnight, overseas markets mostly fell. European markets fell slightly. DAX lost 65 points. CAC lost 31 points. FTSE lost 94 points. US markets were mixed. Blue chips fell but Apple rose against the market and helped lift Nasdaq. Dow Jones lost 80 points. S & P lost 7 points. Nasdaq rose 20 points. Hong Kong ADR’s lost 99 points in New York. Night future lost 32 points. We expect the market to fall today.  
 
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