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Hong Kong market rebounded on the strength of Tencent and financials. .
The Hong Kong market rebounded on Thursday. Hang Seng index opened up 455 points, H share index up 245 points and technology index up 245 points. Meituan rose 4.7% to lead the blue...
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Hong Kong market rebounded on the strength of Tencent and financials. .
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/02/26 09:05
The Hong Kong market rebounded on Thursday. Hang Seng index opened up 455 points, H share index up 245 points and technology index up 245 points. Meituan rose 4.7% to lead the blue chips for 78-point gain. HSBC rose 3.03% for 71-point gain. Tencent rose 1.89% for 59-point gain. AIA rose 0.98% for 29-point gain. Wuxi Biologics rose 3.4% for 29-point gain. Auto stocks rebounded. Geely rose 1.93%. BYD rose 5%. Great Wall rose 4%. A shares opened up 0.88%. Shanghai composite index rose 31 points. Oil stocks rose. CNOOC rose 4.15%. Petrochina rose 3.2%. Sinopec rose 2.7%. The market retreated after opening. Hang Seng index retreated more than 200 points. Solar energy stocks rebounded. GCL rose 13%. Comtec rose 7%. Solargiga rose 2%. Metals shares rebounded. Jiangxi Copper rose 3.6%. Chalco rose 6.2%. Luoyang Moly rose 3%. Xinxin rose 5%. Sino Biopharm signed a licensing deal with a US drug company. Share price soared 7%. Mainland developers rose. CR Land rose 11% to lead the blue chips. China Overseas Land rose 10%. Country Garden rose 9.23%. Cansino filed application for use of its vaccine. Share price rose 8%. HK Exchanges rose by 2.6% before dropping 2%. On the other hand, Tencent soared 4.3% for 136-point gain. Hang Seng index gained more than 600 points again. A shares closed the morning up 1.07%. Shanghai composite index closed up 38 points. Hang Seng index reached a high of 30407, up 689 points, and closed up 638 points. H share index closed up 302 points and technology index up 253 points. Turnover was $148.3 billion.

The market was little changed in early afternoon. Hang Seng index gained more than 600 points. HSBC rose 4.66% for 107-point gain. Tencent rose 2.2% for 68-point gain. Ping An rose 3.78% for 52-point gain. CCB rose 2.4% for 40-point gain. CR Land rose 13.8% to lead the blue chips for 35-point gain. Budweiser report 43% fall in 2020 net profit. Share price fell 6.43% to top the losers for 8-point loss. HK Exchanges lost 1.4% after result announcement for 22-point loss. Mainland developers rose sharply. China Overseas Land rose 9.6%. Country Garden rose 8.25%. Sunac rose 13%. Shimao rose 12%. SAAS shares were mixed. Vobile rose 16%. Newborn Town rose 11%. Yeahka rose 12%. However, China Youzan lost 0.2%. Weimob lost 0.6%. Auto stocks rose. Geely rose 3.2%. Great Wall rose 2.7%. BYD rose 1.4%. A shares closed up -.59%. Shanghai composite index closed up 21 points. The market retreated in midafternoon, as Hang Seng index’s gain narrowed by 200 points. Hang Seng index closed up 356 points. H share index closed up 208 points and technology index up 136 points. Turnover was $256.8 billion.

Overnight, overseas markets fell, as US treasury yields rose. Stock markets fell. European markets fell slightly. DAX lost 96 points. CAC lost 14 points and FTSE lost 7 points. US 10-year treasury yield rose to 1.6%. Investors sold out of stocks. Dow Jones lost 560 points. S & P lost 96 points. Nasdaq crashed 546 points. Hong Kong ADR’s lost 546 points. Night future lost 505 points. We expect the market to fall today.  
 
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