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The Hong Kong market opened higher but could not hold on to its gain.
The Hong Kong market opened sharply higher on Monday. Hang Seng index opened up 321 points, and rose above 20000 points. H share index opened up 153 points and technology index up ...
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The Hong Kong market opened higher but could not hold on to its gain.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened sharply higher on Monday. Hang Seng index opened up 321 points, and rose above 20000 points. H share index opened up 153 points and technology index up 159 points. Technology stocks led the rally. Meituan rose 4.84% for 62-point gain. Alibaba rose 3.23% for 58-point gain. Tencent rose 2.74% for 45-point gain. JD rose 6% for 25-point gain. HK Exchanges rose 1.97% for 14-point gain. Ping An rose 1.87% for 12-point gain. AIA rose 0.71% for 10-point gain. Haidilao reported 30 times increase in profit. Share price soared 11.1%. Shanghai composite index opened up 27 points. The market rose further after opening. Hang Seng index gained more than 400 points. Mainland developers rose. Longfor rose 7.3%. Country Garden rose 4.1%. China Overseas Land rose 3.4%. However, Shimao crashed 56%. Auto shares rose sharply. Geely rose 4.2%. Nio rose 11%. XPeng rose 9.9%. Li Auto rose 5.3%. BYD rose 1.8%. Retail stocks rose. Budweiser rose 3.8%. Lining rose 3.6%. Haier rose 3%. Anta Sports rose 3.4%. Resources stocks rose. China Hongqiao rose 6.6%. Chalco rose 3.2%. Luoyang Moly rose 2.9%. Angang rose 2.2%. Maanshan Iron rose 1.9%. Chongqing Iron rose 4.65%. Conch Cement rose 4.35%. CR Cement rose 6%. Hang Seng index reached a high of 20361, up 445 points. However, the market fell to profit taking and Hang Seng index retreated more than 200 points. Shanghai composite index closed the morning up 15 points. Hang Seng index closed the morning up 292 points, H share index up 156 points and technology index up 145 points. Turnover was $99.5 billion

The market retreated slightly from morning high. Hang Seng index still gained more than 200 points. Meituan rose 4.35% for 56-point gain. Alibaba rose 1.88% for 36-point gain. Tencent rose 1.7% for 28-point gain. JD rose 4.8% for 21-point gain. However, AIA lost 0.7% for 10-point loss. China Mobile lost 1.7% for 11-point loss. Technology stocks rose. Bili Bili rose 6%. GDS rose 5.8%. Kingdee rose 5.2%. Weibo rose 4.1%. Local landlords fell. Link lost 1.5%. SHK Property lost 1%. MTR lost 1%. Haidilao soared 13% to become the top gainer. Other restaurant shares followed higher. Jiumaojiu rose 6.7%. Shabu Shabu rose 7.8%. The market rose further in midafternoon, as Hang Seng index gained more than 300 points. Meituna rose 4.3% for 55-point gain. Alibaba rose 2.2% for 39-point gain. Tencent rose 1.6% for 26-point gain. JD rose 5.4% for 23-point gain. ICBC rose 2.67% for 13-point gain. CCB rose1.34% for 12-point gain. HSBC rose 0.7% for 14-point gain. Shanghai composite index closed up 15 points. Hang Seng index closed up 162 points, H share index up 91 points and technology index up 83 points. Turnover was $182.6 billion.

Overnight, European markets were mixed. DAX lost 23 points, but CAC rose 21 points and FTSE rose 5 points. US markets rose again. Dow Jones rose 100 points. S & P rose 6 points and Nasdaq rose 29 points. Hong Kong ADR’s rose 99 points. Night future rose 145 points. We expect the market to rise today.  
 
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