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Financials rose but technologies fell.
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 69 points, H share index up 25 points and technology index up 23 points. AIA rose 1.35% for 18-point gain. ...
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Financials rose but technologies fell.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Tuesday. Hang Seng index opened up 69 points, H share index up 25 points and technology index up 23 points. AIA rose 1.35% for 18-point gain. HSBC rose 0.78% for 13-point gain. Tencent rose 0.65% for 9-point gain. On the other hand, Alibaba lost 0.5% for 6-point loss. Henderson Land rose 2.1% to become the top gainer at opening. Shanghai composite index opened up 11 points. The market rose further after opening. Financials led the rally. AIA rose 2.2% for 28-point gain. HSBC rose 1.3% for 21-point gain. Ping An rose 2.4% for 10-point gain. On the other hand, Meituan lost 2% for 20-point loss. Xinyi Solar rose 4.98% to become the top gainer. Mainland developers rose. Longfor rose 3.5%. CR Land rose 2.65%. China Overseas Land rose 2.5%. Hong Kong properties rose. Henderson Land rose 2.6%. Link rose 2.1%. Hang Lung rose 2.1%. Hengan rose 4% to become the top gainer. There was news of acquisition for Vinda. Speculators drove up Hengan. The market’s gain narrowed in midmorning. Technology stocks fell to drag down the market. Meituan lost 2.6% for 26-point loss. Alibaba lost 1.74% for 23-point loss. Tencent lost 1.1% for 16-point loss. Xiaomi lost 2.8% for 14-point loss. Alphamab crashed 17.7%. Report downgraded the efficacy of its new drug. Shanghai composite index closed the morning up 2 points. Hang Seng index closed the morning down 17points, H share index down 21 points and technology index down 30 points. Turnover was $43 billion.

The market was little changed in the afternoon. Hang Seng index lost under 50 points. Financials rose but technology stocks fell. HSBC rose 1.56% for 25-point gain. AIA rose 1.1% for14-point gain. Ping An rose 2.3% for 9-point gain. Securities brokers rose. Citic Securities rose 3.6%. China Galaxy rose 3%. CICC rose 2.45%. Insurers rose. China Life rose 1.9%. CPIC rose 2.2%. On the contrary, technology stocks fell. Meituan lost 3% for 31-point loss. Alibaba lost 1 .74% for 23-point loss. Xiaomi lost 2.4% for 12-point loss. Sportswear shares fell. 361 Degree fell 5.4% as sales in double 11 disappointed. Lining lost 1.86%. Anta Sports lost 4.5% to become the top loser. Auto shares rose. Li Auto rose 2.1%. XPeng rose 3%. BYD rose 0.5%. However, Nio lost 2%. Mainland developers fell. Evergrande lost 7.1%. Sunac lost 5.8%. Shimao lost 3%. Country Garden lost 1.3%. Xinyi Solar rose 3.94% to become the top gainer. Xinyi Energy rose 2.2%. GCL rose 3.4%. The market turned from loss to gain in midafternoon, as financials rose to lift the market. HSBC rose 1.7% for 28-point gain. AIA rose 1.3% for 16-point gain. Shanghai composite index closed up 9 points. Hang Seng index closed down 29 points, H share index down 24 points and technology index down 29 points. Turnover was $76.8 billion.

Overnight, overseas markets rose. DAX rose 269 points. CAC rose 98 points and FTSE rose 14 points. US inflation in October fell to 3.2%. Stock markets soared. Dow Jones rose 490 points. S & P rose 84 points and Nasdaq rose 326 points. Hong Kong ADR’s rose 316 points. Night future rose 456 points. We expect the market to rise today.
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