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Hong Kong market rose on the strength of technology stocks.
The market opened slightly higher on Tuesday. Hang Seng index opened up 79 points, H share index up 31 points and technology index down 15 points. HSBC rose 1% for 20-point gain. A...
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Hong Kong market rose on the strength of technology stocks.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly higher on Tuesday. Hang Seng index opened up 79 points, H share index up 31 points and technology index down 15 points. HSBC rose 1% for 20-point gain. Alibaba 0.94% for 18-point gain. Shanghai composite index opened up 5 points. The market rose further after opening as Hang Seng index gained more than 200 points. AIA rose 1.1% for 12-point gain. Meituan rose 1.3% for 13-point gain. BYD rose 1.8% for 12-point gain. Then Hang Seng index gained 350 points. Technology stocks rose further. Alibaba rose 2.8% for 49-point gain. Meiutan rose 3.1% for 33-point gain. HSBC rose 1.4% for 27-point gain. Tencent rose 1.7% for 31-point gain. China Merchant Securities rose 7.2% on news that it received the cryptocurrency dealing license. However, Grandshores lost 6.6%. OKG Tech lost 7.3%. Guotai Junan lost 4.2%. Hang Seng index reached a high of 24555 points, up 352 points. Then the market fell to profit taking. Hang Seng index fell to a low of 24142 points, down 61 points. Xiaomi lost 0.6% for 10-point loss. The market rebounded in late session. Shanghai composite index closed the morning down 33 points. Hang Seng index closed the morning up 47 points, H share index up 9 points and technology index up 9 points. Turnover was $144 billion.

The market rose again in the afternoon, as Hang Seng index gained more than 200 points. Alibaba soared 7% for 123-point gain. Meituan rose 4.46% for 47-point gain. Tencent rose 3.5% for 65-point gain. HSBC rose 1.2% for 23-point gain. Netease rose 2.5% for 11-point gain. BYD rose 1.5% for 10-point gain. Kuaishou rose 3.75% for 11-point gain. Pharmaceutical shares rose the most. CSPC rose 7.6% to lead the blue chips. Sino Biopharmaceutical rose 4.8%. Beigene rose 6.8%. JD Health rose 3.66%. Solar energy stocks fell. Xinyi Glass lost 4.66% to lead the losers. Xinyi Solar lost 3.64%. GCL lost 5.4%. Mainland developers fell. Longfor lost 2.87%. CR Land lost 2.4%. China Overseas Land lost 0.9%. Shimao lost 4.6%. Shanghai composite index closed down 14 points. Hang Seng index closed up 386 points, H share index up 144 points and technology index down 147 points. Turnover was $288.4 billion.

Overnight, European markets fell. DAX lost 100 points. CAC lost 42 points and FTSE lost 60 points. US markets were mixed. June inflation rose 0.3% from May, matching expectations. Dow Jones lost 436 points. S & P lost 25 points. Nvidia received Government approval to sell H20 chips to Chinese buyers. Share price rose 4% to lift Nasdaq by 37 points. Hong Kong ADR’s lost 60 points. Night future rose 94 points. We expect the market to fall today.
 
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