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The Chinese Government was completing its investigation of Didi’s data.
The Hong Kong market opened sharply higher on Monday. Hang Seng index opened up 200 points, H share index up 79 points and technology index up 73 points. Meituan rose 6.54% to lead...
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The Chinese Government was completing its investigation of Didi’s data.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened sharply higher on Monday. Hang Seng index opened up 200 points, H share index up 79 points and technology index up 73 points. Meituan rose 6.54% to lead the gainers for 75-point gain. AIA rose 1.62% for 18-point gain. Wuxi Biologics rose 2.8% for 11-point gain. Tencent rose 0.83% for 10-point gain. On the other hand, Techtronic lost 2.46% to lead the losers for 7-point loss. Electric car shares rose. Li Auto rose 4.2%. XPeng rose 3.5%. BYD rose 1.3%. Nio rose 0.85%. A shares opened down 11 points. The Hong Kong market turned from gain to loss after opening. Hang Seng index lost about 50 points. HSBC lost 1.24% for 28-point loss. Alibaba lost 1% for 13-point loss. CCB loste 0.87% for 10-point loss. Consumption stocks rose. Lining rose 5.66% for 16-point gain. Anta Sports rose 1.8%. Haidilao rose 3%. Jiumaojiu rose 1.2%. Hang Seng index fell to a low of 21030, down 52 points. Then, the market rebounded. Hang Seng index gained more than 200 points. Meituan rose 7.6% for 86-point gain on broker upgrade. Wuxi Biologics rose 7.5% for 30-point gain. BYD rose 4.6% for 22-point gain. AIA rose 1.44% for 16-point gain. Alibaba rose 1.2% for 15-point gain. Lining rose 4.2% for 12-point gain. Mainland developers fell. China Overseas Land lost 5.4%. Longfor lost 5.2%. CR Land lost 5.3%. Country Garden lost 3.6%. A shares closed the morning up 29 points. Hang Seng index closed the morning up 230 points, H share index up 96 points, and technology index up 105 points. Turnover was $70.8 billion.

The market rose further in the afternoon. Although the May service PMI was below expectation, various local governments announced measures to boost the economy. Stock markets rose. Hang Seng index gained more than 300 points. Meituan rose 86% for 99-point gain. Wuxi Biologics rose 9.8% for 40-point gain. BYD rose 5.6% for 28-point gain. Alibaba rose 2.2% for 28-point gain. AIA rose 1.75% for 19-point gain. Lining rose 4.2% for 12-point gain. Certain stocks soared. Xiamen Port soared 46% on privatization offer from the parent company. Beke rose 12%. Rusal rose 11%. Digit Hollywood rose 12%. Miramar Hotel rose 11%. Pharmaceutical shares rose sharply. Genscript rose 10%. Wuxi Apptec rose 8.6%. Keymed rose 9.3%. Innovent rose 7.2%. Musk changed his mind on cutting staff level. Electric car shares soared. BYD rose 5%. Li Auto rose 10%. XPeng rose 7%. Nio rose 4.2%. Macau shares rose on rumours of opening connect with Hong Kong in August. Sands rose 5.3%. Wynn rose 2.4%. However, Mainland developers and cement manufacturers fell. Conch Cement lost 5.1%. CNMB lost 5.3%. CR Cement lost 5.6%. A shares closed up 41 points. News came out that the Government was completing its investigation of Didi. Technology stocks soared in late trading. Hang Seng index reached a high of 21692, up 610 points, and closed up 572 points. H share index closed up 232 points and technology index up 204 points. Turnover was $138.5 billion.

Overseas markets rose last night. DAX rose 194 points. CAC rose 63 points and FTSE rose 75 points. US markets rose sharply higher but closed just marginally higher. Dow Jones rose 16 points. S & P rose 13 points and Nasdaq rose 48 points. Hong Kong ADR’s lost 64 points. Night future lost 123 points. We expect the market to rise today.  
 
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