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Technology stocks soared to lead the market’s rebound.
The Hong Kong market rose sharply on Wednesday. Hang Seng index opened up 299 points, H share index up 139 points and technology index up 153 points. Technology stocks led the rall...
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Technology stocks soared to lead the market’s rebound.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market rose sharply on Wednesday. Hang Seng index opened up 299 points, H share index up 139 points and technology index up 153 points. Technology stocks led the rally. Tencent rose 2.14% for 58-point gain. Meituan rose 3.99% for 52-point gain. Xiaomi rose 2.2% for 21-point gain. HSBC lost 0.76% for 17-point loss to lead the losers. Carmakers rose sharply. Geely rose 3.22%. BYD rose 2.8%. Great Wall rose 2.2%. A shares opened up 0.01%. Shanghai composite index rose 3 points. The market fluctuated after opening. Hang Seng index retreated 100 points and then soared again, and soared more than 400 points. Tencent rose 2.4% for 67-point gain. Meituan rose 4.93% for 64-point gain. Xiaomi rose 3.2% for 31-point gain. Alibaba rose 1.55% for 23-point gain. Wuxi Biologics rose 2.74% for 22-point gain. Geely rose further by 6.3%. BYD rose 5.1%. Zai Lab reported strong progress in its anti-cancer drug under development. Share price soared 29%. However, both UK and US vaccines encountered problem with blood clot. Cansino was dragged down 13.5%. SAAS shares rebounded. China Youzan rose 5.5%. Weimob rose 2.95%. Yeahka rose 5.6%. Ming Yuan rose 4.8%. OOCL was rumoured to be making a placement. Share price fell 13%. A shares closed the morning up 0.15%. Shanghai composite index rose 5 points. Hang Seng index closed up 352 points, H share index up 146 points and technology index up 188 points. Turnover was $76.78 billion.

The market maintained its gain in the afternoon. Hang Seng index rose more than 400 points. News spread that Bytedance applied to HK Exchanges to list in Hong Kong. The news sparked a rally in technology stocks. The four leading technology stocks led the rally. Meituan rose 4.7% for 62-point gain. Tencent rose 2.6% for 71-point gain. Xiaomi rose 2.8% for 27-point gain. Wuxi Biologics rose 4% for 33-point gain. HK Exchanges rose 1.9% for 25-point gain. Alibaba rose 1.6% for 23-point gain. Geely raised US$1 billion for its Lotus brand. Geely rose 5.5% for 14-point gain. BYD rose 5.8%. CSPC rose 4.3%. SHK Property rose 3.77%. Handset suppliers rose. AAC rose 6.1% to lead the blue chips. Sunny Optical rose 2.3%. A shares closed up 0.6%. Shanghai composite index closed up 20 points. Hang Seng index reached a high of 28979, up 482 points. Hang Seng index closed up 403 points, H share index up 149 points and technology index up 186 points. Turnover was $138.1 billion.

Overnight, overseas markets were mixed. European markets was range bound. DAX lost 26 points. CAC rose 24 points and FTSE rose 49 points. US markets had no direction. Dow Jones rose 53 points. S & P lost 17 points. Nasdaq lost 138 points. Hong Kong ADR’s lost 107 points. Night future lost 153 points. We expect the market to fall today.  
 
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