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The Chinese Government bought 1% golden shares in the subsidiaries of Tencent and Alibaba. Hong Kong market opened lower but ended higher.
The market opened higher on Friday. Hang Seng index opened up 91 points, H share index up 15 points and technology index up 6 points. HSBC rose 1.66% for 28-point gain. AIA rose 0....
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The Chinese Government bought 1% golden shares in the subsidiaries of Tencent and Alibaba. Hong Kong market opened lower but ended higher.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 91 points, H share index up 15 points and technology index up 6 points. HSBC rose 1.66% for 28-point gain. AIA rose 0.96% for 16-point gain. HK Exchanges rose 0;81% for 7-point gain. A shares opened up 7 points. The market retreated after opening, as top technology stocks fell. The Chinese Government bought 1% golden shares in the subsidiaries of Tencent and Alibaba. Tencent lost 1.9% for 34-point loss. Meituan lost 2.5% for 30-point loss. Alibab lost 1.35% for 26-point loss. The top technology stocks fell to drag down the market. Ali Health lost 2.3% to top the losers. HSBC rose 2% to top the gainers for 36-point gain. Mainland developers rose. CR Land rose 2.3%. China Overseas Land rose 2.1%. Telecoms rose. China Mobile rose 1.9%. China Unicom rose 1.5%. China Telecom rose 2%. Oil stocks rose. Petrochina rose 2.4%. CNOOC rose 2.13%. Sales of personal computers fell 29% in the fourth quarter of 2022. Lenovo fell 2.5%. Xinyi Solar lost 5.1% to lead the losers. Hang Seng index fluctuated between gain and loss in the morning.

The market rose further in the afternoon. A shares rose further. Hang Seng index gained more than 100 points. HSBC rose 2.3% for 39-point gain. Alibaba rose 1.6% for 30-point gain. Tencent rose 1.6% for 30-point gain. Wuxi Biologics rose 6.2% for 25-point gain. Ping An rose 2.2% for 15-point gain. CCB rose 1.4% for 14-point gain. On the contrary, Meituan lost 1.9% for 25-point loss. AIA lost 0.68% for 12-point loss. Consumption stocks rose. Chow Tai Fook rose 4.67%. Mengniu rose 2.7%. Sands rose 2.14%. Haier Smarthome rose 2%. Medical shares rose. Genscript rose 8%. Beigene rose 5.5%. Sino Biopharm rose 3.3%. Kintor rose 4%. Cardioflow rose 13.3%. Keymed rose 11%. Medbot rose 12%. Koolearn rose 13.3%. Brainhole Tech bought Koolearn’s ADR shares. Share price soared 136%. Coastal GL rose 36%, as it sold to Yuzhou its Zhuhai properties. A shares closed up 32 points. The market rose further in late trading. Hang Seng index reached a high of 21731, up 217 points. Hang Seng index closed up 224 points, H share index up 79 points and technology index up 67points. Turnover was $133 billion.

Last Friday night, overseas markets rose. DAX rose 28 points. CAC rose 48 points and FTSE rose 50 points. US markets rose for the fourth straight day. Dow Jones rose 112 points. S & P rose 16 points and Nasdaq rose 78 points. Hong Kong ADR’s rose 87 points. Night future rose 78 points. We expect the market to rise today.  
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