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The market broke the seven-day losing streak on the strength of technology stocks.
The Hong Kong market opened slightly higher on Thursday. Hang Seng index was up 57 points, H share index up 13 points and technology index up 6 points. Wuxi Biologics announced inc...
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The market broke the seven-day losing streak on the strength of technology stocks.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Thursday. Hang Seng index was up 57 points, H share index up 13 points and technology index up 6 points. Wuxi Biologics announced increasing the specific projects from 80 to 110 this year. Wuxi Apptec rose 55.5%. Share price soared 15% to lead the blue chips for 26 point gain. Meituan rose 1.25% for 8-point gain. On the other hand, HSBC lost 0.24% for 4-point loss. The US SEC authorized the sale of Bitcoin ETF. The CSOP Bitcoin EFT rose 2.7%. BC Tech rose 16.8%. Sinohope Tech rose 13$. The market’s gain narrowed after opening mainly due to weakness of HSBC, CCB, ICBC and China Mobile. Then the market rose on the strength of technology stocks. Meituan rose 5.8% for 39-point gain. Alibaba rose 2.6% for 33-point gain. Tencent rose 3% for 37-point gain. Hang Seng index gained more than 200 points. Retail stocks rose. Lining rose 2.25% to lead the blue chips. Haidilao rose 1.5%. BYD rose 3.7% for 12-point gain. AIA rose 1.2% for 13-point gain. Shanghai composite index closed the morning up 14 points. Hang Seng index closed the morning up 242 points, H share index up 82 points and technology index up 62 points. Turnover was $45 billion.

The market rose further in the afternoon. Hang Seng index rose more than 300 points. Technology stocks led the rally. Tencent rose 4% for 48-point gain. Alibaba rose 3.7% for 47-point gain. Meituan rose 7.2% for 48-point gain. AIA rose 2.5% for 28-point gain. Wuxi Biologics rose 10.5% for 18-point gain. BYD rose 4.2% for 14-point gaion. HK Exchanges rose 2.7% for 12-point gain. Ping An rose 3.8% for 13-point gain. Xiaomi rose 3.5% for 12-point gain. On the contrary, energy stocks fell. China Shenhua lost 2.1% and Petrochina lost 1.7% to become the top losers. Pharmaceutical shares followed Wuxi shares higher. Wuxi Apptec rose 5.8%. Wuxi XDC rose 7.5%. Sinopharm rose 4.2%. Akeso rose 4.6%. Cansino rose 4%. Pharmaron rose 5.94%. The US SEC approved the launch of Bitcoin ETF. Related shares rose sharply. Grandshores rose 36.8%. Sinohope Tech rose 25%. BC Tech rose 8.6%.Hang Seng index reached a high of 16451 points, up 354 points. However, the market retreated from high level. Hang Seng index still gained more than 200 points. Shanghai composite index closed up 6 points. Hang Seng index closed up 204 points, H share index up 74 points and technology index up 73 points. Turnover was $93.7 billion.

Overnight, European markets lost nearly 1%. DAX lost 142 points. CAC lost 38 points and FTSE lost 75 points. US January CPI rose 3.4% from last year and 0.3% from last month. Both figures were higher than expected. US markets were little changed. Dow Jones rose 115 points. S & P lost 3 points and Nasdaq lost 0.5 point. Hong Kong ADR’s lost 46 points. Night future lost 110 points. We expect the market to consolidate today.
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