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Consumption and Auto stocks rose to lift the market.
The Hong Kong market rebounded from Wednesday’s crash. Hang Seng index opened up 149 points, H share index up 62 points and technology index up 56 points. Alibaba rose 3.35% ...
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Consumption and Auto stocks rose to lift the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market rebounded from Wednesday’s crash. Hang Seng index opened up 149 points, H share index up 62 points and technology index up 56 points. Alibaba rose 3.35% to lead the blue chips for 49-point gain. HSBC rose .09% for 15-point gain. Meituan rose 0.83% for 10-point gain. Xiaomi rose 2.58% for 8-point gain. A shares opened up 2 points. The market rose further after opening. Hang Seng index gained more than 200 points. Alibaba rose 4% for 58-point gain. HSBC rose 1.4% for 24-point gain. Tencent rose 1.7% for 16-point gain. BYD rose 2.4% for 11-point gain. AIA rose 0.63% for 10-point gain. Wuxi Biologics rose 3% for 14-point gain. Technology stocks led the rally. Netease rose 4.24% and Alibaba rose 4% to lead the blue chips. Consumption stocks rose. Budweiser rose 2.93%. Anta Sports rose 2.9%. Lining rose 2.5%. Nongfu Spring rose 2.1%. Auto stocks rose on Government stimulus. Geely rose 7%. BYD rose 4%. Li Auto rose 7%. XPeng rose 5.4%. Nio rose 3.25%. GAC rose 5.55%. Hang Seng index reached a high of 21389, up 281 points. Then the market retreated from morning high. Hang Seng index lost about 100 points. Heavyweights fell back. Shipping stocks fell sharply. OOIL lost 7.5% to lead the losers. Cosco Holding lost 4.3%. Pacific Basin lost 8.3%. A shares closed the morning up 19 points. Hang Seng index closed the morning up 200 points, H share index up 91 points and technology index up 64 points. Turnover was $59.3 billion.

The market rose further in the afternoon. Hang Seng index rose more than 300 points. News reported that the Ant Group received permission to establish a financial holding company. Alibaba rose 7.4% for 107-point gain. BYD rose 5.6% for 28-point gain. HSBC rose 1.1% for 19-point gain. Tencent rose 1.9% for 19-point gain. Ping An rose 2.52% for 16-point gain. AIA rose 0.95% for 15-point gain. Investors continued to punt on small cap stocks. China Tangshang rose as much as 8 time. I-Cable rose 1.2 times. The Government launched initiative to encourage consumption, to lift the economy. Auto shares rose further. Li Auto rose 11.3%. XPeng rose 11.1%. Nio rose 7.2%. Geely rose 8%. BYD rose 5.4%. GAC rose 7.3%. Consumption stocks rebounded. CR Beer rose 3.35%. Budweiser rose 3.35%. Li-ning rose 2.8%. Nongfu Spring rose 2.5%. Mainland developers rose. Longfor rose 3.94%. CR Land rose 3.7%. China Overseas Land rose 3.13%. Medical shares rose. NH Health rose 25%. CR Medical rose 15%. Akeso rose 8.8%. Zai Lab rose 7.5%. JD Health rose 6%. Ali Health rose 5.2%. A shares closed up 53 points. Hang Seng index reached a high of 21443, up 434 points, and closed up 265 points. H share index closed up 128 points and technology index up 103 points. Turnover was $114.3 billion.

Overnight, overseas markets were mixed. European markets fell. DAX lost 231 points. CAC lost 33 points and FTSE lost 68 points. US markets rose. Dow Jones rose 194 points. S & P rose 36 points and Nasdaq rose 179 points. Hong Kong ADR’s lost 42 points. Night future rose 45 points. We expect the market to rise today.
 
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