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Technology and Mainland developers led the rally. HSI came close to 20000 points.
The market opened slightly higher on Friday. Hang Seng index opened up 34 points, H share index up 8 points and technology index up 9 points. AIA rose 1.5% for 25-point gain. Aliba...
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Technology and Mainland developers led the rally. HSI came close to 20000 points.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly higher on Friday. Hang Seng index opened up 34 points, H share index up 8 points and technology index up 9 points. AIA rose 1.5% for 25-point gain. Alibaba rose 1.4% for 22-point gain. On the contrary, HSBC lost 0.7% for 11-point loss. Shenzhou International rose 3% to become the top gainer. A shares opened flat. The market rose sharply after opening. Hang Seng index rose more than 200 points. Alibaba rose 3.1% for 45-point gain. AIA rose 1.5% for 25-point gain. HK Exchanges rose 2% for 15-point gain. CM Bank rose 3.2% for 10-point gain. Tencent rose 1.1% for 17-point gain. Ping An rose 1.85% for 11-point gain. Jiumaojiu’s chairman sold shares in the company. Share price fell 6%. Mainland developers rose sharply. CR Land rose 5.3%. China Overseas Land rose 4.7%. Country Garden rose 4.9%. Longfor rose 4%. Cifi rose 12.5%. Powerlong rose 11.5%. CG Services rose 7.8% to lead the blue chips. Technology stocks rose. GDS rose 4.5%. Trip.com rose 3.67%. Chinese Literature rose 3.4%. The market rose further near midday. Hang Seng index gained more than 300 points. Internet stocks led the rally. Alibaba rose 4%. Meituan rose 3.6% and Tencent rose 2.85% to lead the market. Hang Seng index closed the morning up 319 points, H share index up 111 points and technology index up 60 points. Turnover was $95.9 billion.

The market rose further in the afternoon. Hang Seng index gained more than 400 points and very close to 20000 points. Alibaba rose 3.5% for 53-point gain. Meituan rose 3.5% for 48-point gain. Tencent rose 2.1% for 35-point gain. AIA rose 2.1% for 33-point gain. HK Exchanges rose 3.15% for 20-point gain. CR Land rose 9.3% for 15-point gain. China Overseas Land rose 9.5% for 11-point gain. CM Bank rose 4.5% for 11-point gain. However, online medical shares fell to profit taking. Ali Health lost 5.1%. PA Good Doctor lost 3.8%. JD Health lost 5.7%. Second and third line Mainland developers soared. Ronshine China rose 44%. Skyfame rose 33%. KWG rose 30%. Logan rose 26%. Local properties also rose. New World rose 6.5%. Wharf rose 5.4%. Hang Lung rose 4.4%. SHK Properties rose 3.9%. Hang Seng index reached a high of 19919, up 469 points. A shares closed up 9 points. Hang Seng index closed up 451 points, H share index up 167 points and technology index up 99 points. Turnover was $199.4 billion.

Last Friday night, overseas markets were mixed. European markets rose. DAX rose 106 points. CAC rose 39 points and FTSE rose 4 points. US markets fell. Dow Jones lost 305 points. S&P lost 29 points and Nasdaq lost 77 points. ADR’s lost 260 points. Night futures lost 181 points. We expect the market to fall today. 
 
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