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Market rose on the strength of technology stocks
The Hong Kong market opened higher on Thursday. Hang Seng index opened up 135 points, H share index up 43 points and technology index up 39 points. Alibaba rose 1.1% for 19-point g...
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Market rose on the strength of technology stocks
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Thursday. Hang Seng index opened up 135 points, H share index up 43 points and technology index up 39 points. Alibaba rose 1.1% for 19-point gain. Tencent rose 1% for 19-point gain. HSBC rose 0.7% for 13-point gain. Ping An rose 1.67% for11-point gain. AIA rose 0.65% for 11-point gain. Techtronic rose 2.3% to lead the gainers. On the contrary, Meituan lost 1% to lead the losers for 11-point loss. The market rose further in midafternoon as Hang Seng index soared more than 400 points. Technology stocks led the rally. Tencent rose 3.3% for 64-point gain. Alibaba rose 3.3% for 58-point gain. JD rose 6.5% for 38-point gain. Meituan rose 3.3% for 36-point gain. AIA rose 1.9% for 32-point gain. Education shares rose. Sino Education rose 9.3%. Scholar Education rose 5.7%. Koolearn rose 4.55%. New Oriental rose 3.8%. Wisdom Education rose 3%. Baby concept shares rose. Parenting Net rose 13%. JXR rose 3.7%. Aidigong rose 4.8%. Telecom stocks rose. China Mobile rose 2.5%. China Unicom rose 3.9%. China Telecom rose 6.67%. A shares closed the morning up 25 points. Hang Seng index closed up 480 points, H share index up 187 points and technology index up 178 points. Turnover was $63.9 billion.

The market was little changed in early afternoon. Hang Seng index gained more than 400 points. Tencent rose 3.7% for 71-point gain. Alibaba rose 3.96% for 70-point gain. JD rose 7.5% for 43-point gain. AIA rose 2.67% for 43-point gain. Meituan rose 3.4% for 37-point gain. HK Exchanges rose 2.9% for 21-point gain. Ping An rose 3.2% for 21-point gain. Lenovo rose 7.6% to lead the blue chips. Mainland developers and property managers rose. CR Max rose 6%. China Overseas Land rose 4.4%. Country Garden rose 4.4%. CG Services rose 4.3%. Longfor rose 4%. CR Land rose 3.76%. Standard Chartered announced 2022 net profit increase of 34% and share buyback. Share price rose 3.2%. Consumption stocks rose. Haidilao rose 3.4%. Lining rose 31.%. Jiumaojiu rose 4.2%. Sa Sa International rose 3.7%. HK Aero Technology crashed 265% after rising for days. Hang Seng index reached a high of 21306, up 494 points. However, the market retreated sharply as investors took profit. The four major technology stocks’ gain narrowed by 50%. Tencent rose 1.7%. Alibaba rose 1.68%. Meituan rose 1.85%. JD rose 5.3%. Hang Seng index fell to 30924, up only 112 points. Shanghai composite index closed down 30 points. Hang Seng index closed up 175 points, H share index up 71 points and technology index up 78 points. Turnover was $122.9 billion.

Overnight, overseas markets were mixed. European markets rose. DAX rose 27 points. CAC rose 65 points and FTSE rose 15 points. US markets fell. Dow Jones lost 431 points. S & P lost 57 points and Nasdaq lost 215 points. Hong Kong ADR’s lost 19 points but night future rose 32 points. We expect the market to fall today. 
 
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