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China cuts US imports tariff from 35% to 10%.
The market rebounded on Wednesday. Hang Seng index opened up 208 points, H share index up 83 points and technology index up 83 points. Alibaba rose 1.35% for 24-point gain. Tencent...
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China cuts US imports tariff from 35% to 10%.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market rebounded on Wednesday. Hang Seng index opened up 208 points, H share index up 83 points and technology index up 83 points. Alibaba rose 1.35% for 24-point gain. Tencent rose 1.2% for 22-point gain. Meituan rose 1.45% for 18-point gain. JD rose 4.2% for 17-point gain. HSBC lost 0.84% for 15-point loss. Xiaomi rose 1.03% for 14-point gain. BYD rose 1.3% for 10-point gain. The market was little changed after opening as Hang Seng index gained about 200 points. JD’s results were better than expected. Share price rose 4.2%. JD Health rose 6% to become the top gainer. Shipping stocks rose as US-China trade resumes. OOIL rose3.5%. Cosco Holding rose 2.2%. Pacific Basin rose 3.9%. WH Group rose 4%. China announced cutting tariff on US imports from 35% to 10% effective immediately. The market rose further in midmorning as Hang Seng index gained more than 300 points. AIA rose 4.1% for 45-point gain. Tencent rose 2.4% for 45-point gain. Xiaomi rose 2.5% for 35-point gain. Alibaba rose 1.5% for 27-point gain. Meituan rose 2.2% for 27-point gain. Auto shares rose. Li Auto rose 4.26%. BYD rose 2.2%. XPeng rose 3.5%. Nio rose 2.1%. Leapmotor rose 6%. Robot shares rose. Horizon Robot rose 3.1%. UB Tech rose 3.8%. Shanghai composite index closed the morning down 1 point. Hang Seng index closed the morning up 329 points, H share index up 129 points and technology index up 72 points. Turnover was $107.4 billion.

A shares rose in the afternoon. The Hong Kong market followed and rose further in the afternoon, as Hang Seng index gained more than 400 points. Tencent rose 2. 7% for 50-point gain. Alibaba rose 3.4% for 60-point gain. AIA rose 5% for 55-point gain. Xiaomi rose 3.2% for 43-point gain. BYD rose 4.4% for 36-point gain. Insurance and shipping stocks rose. China Life rose 6.2% to become the top gainer. Ping An rose 4% for 21-point gain. OOIL rose 5%. Cosco Holding rose 3.3%. Medical shares rose. JD Health rose 5.8%. CSPC rose 4.5%. Ali Health rose 3.7%. Wuxi Apptec rose 2.9%. Shanghai composite index closed up 27 points. Hang Seng index closed at the day high of 23640 points, and closed up 532 points. H share index closed up 207 points and technology index up 112 points. Turnover was $222.8 billion.

Overnight, European markets fell. DAX lost 111 points. CAC lost 37 points and FTSE lost 18 points. US markets were mixed. Blue chips fell. Dow Jones lost 89 points. S & P rose 6 points and Nasdaq rose 137 points. Hong Kong ADR’s lost 39 points. Night future rose 37 points. We expect the market to rise again.
 
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