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Technology stocks rose to lead the market.
The market rose on Wednesday. Hang Seng index opened up 137 points, H share index up 63 points and technology index up 45 points. Technology stocks led the rally. Tencent rose 1.44...
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Technology stocks rose to lead the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market rose on Wednesday. Hang Seng index opened up 137 points, H share index up 63 points and technology index up 45 points. Technology stocks led the rally. Tencent rose 1.44% for 24-point gain. Alibaba rose 1.3% for 20-point gain. Meituan rose 1.64% for 17-point gain. Shanghai composite index opened up 6 points. The market rose further after opening, as Hang Seng index gained more than 200 points. Hang Seng index reached a high of 18932, up 272 points. AIA rose 1% for 15-point gain. Technology stocks rose further. Meituan rose 3.5% for 38-point gain. Alibaba rose 2.4% for 40-point gain. Tencent rose 1.86% for 29-point gain. HK Exchanges rose 2.6% for 15-point gain. Ping An rose 2.9% for 16-point gain. Lenovo rose 2.5% to become the top gainer at opening. Oil stocks rose. CNOOC rose 2.55%. Petrochina rose 2.2%. Sinopec rose 1.4%. Electric car shares rose. Wuxi Biologics lost 2.7% to become the top loser. XPeng rose 5.4%. Nio rose 0.9%. Li Auto rose 2.9%. Technology and AI stocks rose. Baidu rose 3.66% to become the top gainer among the blue chips. Bili Bili rose 8.6%. Sensetime rose 2.8%. JD rose 3%. Kuaisuou rose 5.4%. Non-ferrous metals rose. MMG rose 7.3%. Chalco rose 1.5%. Luoyang Moly rose 1.4%. Hang Seng index closed the morning up 215 points, H share index up 101 points and technology index up 98 points. Turnover was $47.2 billion.

The market’s gain narrowed in the afternoon. Hang Seng index rose more than 100 points. The main reason was that A shares fell further. Technology stocks retreated from morning highs. Meituan rose 3.7% for 41-point gain. Alibaba rose 0.96% for 16-point gain. Tencent rose 1.44% for 22-point gain. AIA rose 1% for 15-point gain. Ping An rose 1.83% for 10-point gain. On the other hand, Wuxi Biologics lost 2.34% for 6-point loss to lead the losers. CSPC lost 1.7%. Akeso lost 3.56%. Beigene lost 2.7%. Local properties fell. Hang Lung Property lost 1.4%. Wharf lost 1%. New World lost 0.5%. Technology stocks’ gain narrowed. Bili Bili rose 5.5%. GDS rose 3%. Kuaishou rose 2.6%. Netease rose 2.4%. Baidu rose 2.4%. Zhongan Online rose 2%. Gold miners rose. Zijin rose 1.53%. SD Gold rose 2.4%. Shanghai composite index closed down 27 points. Hang Seng index closed up 201 points, H share index up 82 points and technology index up 78 points. Turnover was $83.8 billion.

Overnight, overseas markets rose. DAX rose 232 points. CAC rose 114 points and FTSE rose 133 points. US June CPI rose 3% over last year. It was the slowest rate of increase in two years. US markets rose, as interest rates fell. Dow Jones rose more than 200 points in early trading but closed up 86 points. S & P rose 33 points and Nasdaq rose 158 points. Hong Kong ADR’s rose 224 points in New York. Premium Li Qiang expressed support for internet platforms. China technology stocks soared in New York. Alibaba gained more than 3%. We expect the market to rise today.  
 
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