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The market fell sharply on weakness of financial stocks and Mainland properties.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 142 points, H share index up 51 points and technology index up 41 points. Alibaba rose 3.2% to lead the gai...
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The market fell sharply on weakness of financial stocks and Mainland properties.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 142 points, H share index up 51 points and technology index up 41 points. Alibaba rose 3.2% to lead the gainers for 51-point gain. AIA rose 1% for 16-point gain. BYD rose 2.25% for 10-point gain. Baidu rose 2.75%. SMIC rose 2.45%. Tencent first quarter result met expectations. However, investors were unhappy with the decline in active users in Tencent Music. Share price fell 0.5% to become the top loser at opening for 7-point fall. Shanghai composite index opened up 4 points. The market rose further after opening as Hang Seng index gained more than 300 points. Alibaba rose 3.7% for 60-point gain. AIA rose 2% for 30-point gain. HSBC rose 1.7% for 50-point gain. Insurers rose. Ping An rose 4.1% for 26-point gain. China Life rose 4% for 8-point gain. Mainland banks rose. CCB rose 2.3% for 24-point gain. ICBC rose 2.7% for 16-point gain. China Mobile rose 2.4% for 17-point gain. V-Tech reported 14% fall in net profit but increased dividend payout. Share price rose 11.3%. Auto stocks rose. BYD rose 2.4%. Zhongcheng rose 5%. Nio rose 4.3%. Geely rose 1.4%. Technology stocks rose. Huahong Semiconductor rose 9.7% as it received permission to list in China. GDS rose 5.2%. Lenovo rose 4.7%. Kingdee rose 4.3%. SMIC rose 4.2%. Hang Seng index reached a high of 19894, up 334 points. Shanghai composite index closed the morning up 25 points. Hang Sengi index closed the morning up 217 points, H share index up 93 points and technology index up 66 points. Turnover was $57 billion.

The market’s gain narrowed in the afternoon. Hang Seng index gained under 100 points. Heavyweights fell from morning highs. Alibaba rose 2.34% for 37-point gain. China Mobile rose 2.4% for 17-point gain. HSBC rose 0.85% for 16-point gain. Ping An rose 1.9% for 12-point gain. ICBC rose 1.8% for 10-point gain. On the other hand, Tencent lost 2% for32-point loss. Wuxi Biologics lost 3% for 9-point loss. Longfor lost 6% to lead the losers. Consumption stocks fell. Tingyi lost 1.4%. CR Beer lost 1%. Haidilao lost 1%. Lining lost 0.8%. Oil stocks rose. Petrochina rose 2.8%. Sinopec rose 2.76%. CNOOC rose 0.94%. Telecoms rose. China Mobile rose 2.4%. China Unicom rose 2%. China Telecom rose 2%. Technology stocks rose. Trip.com rose 3.4%. Sensetime rose 3.2%. Bili Bili rose 3.2%. Netease rose 2%. Shanghai composite index closed up 13 points. Hang Seng index closed up 166 points, H share index up 79 points and technology index up 47 points. Turnover was $98.6 billion.

Overnight, European markets were mixed. DAX rose 57 points but FTSE lost 28 points and CAC lost 6 points. In the US, investors were optimistic about raising the national debt ceiling, avoiding default.  
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