Telecom stocks soared as NYSE did an about-turn on delisting.
The market opened lower on Tuesday. Hang Seng index opened down 191 points, H share index down 76 points and technology index down 67 points. Alibaba lost 3.3% for 48-point loss. Wuxi Biologics lost 3.6% to top the losers for 30 point loss. HSBC lost 1.1% for 23 point loss. China Mobile lost 3.2% for 21-point loss. On the contrary, Meituan rose 1.16% for 15-point gain. A shares opened down 0.31%. Shanghai composite index opened down 11 points. The market fell further after opening. Hang Seng index lost more than 250 points. AIA lost 1.5% for 44-point loss. The market rebounded after opening as investors went bargain hunting. Hang Seng index turned from loss to gain 1 point for a moment. Heavyweights rose to lift the market. Tencent rose 2.5% for 61-point gain. HK Exchanges rose 3% for 38-point gain. China Mobile rose 7.4% for 48-point gain. On the contrary, Mainland developers fell as the Central Bank restricts bank lending to developers to 40% of loan portfolio. China Overseas Land lost 3.52% to lead the losers. Country Garden lost 2.2%. CR Land lost 1.6%. Logistics shares soared. YTO Express soared 28%. CN Logistics rose 10%. Silkroad Logistics rose 11%. The NYSE withdrew the order to delist the three Chinese telecoms. Telecom shares rebounded strongly. China Unicom rose 10%. China Mobile rose 8%. China Telecom rose 8%. Infrastructure shares also rebounded. CRRC rose 5.6%. China Rail rose 4.4%. China Rail Construction rose 5.5%. China Comm Construction rose 4.8%. A shares closed the morning down 0.05%. Shanghai composite index lost 1.76 points. Hang Seng index rose to a high of 27473, up 1 point and closed down 84 points. H share index closed down 11 points and technology index closed down 63 points. Turnover was $118.5 billion.
The market was little changed in early afternoon. Hang Seng index lost under 100 points. AIA lost 2.1% for 63-point loss. Alibaba lost 2.55% for 37-point loss. Ping An lost 1.7% for 23 point loss. Wuxi Biologics lost 2.7% for 22-point loss. The NYSE cancelled the delisting of Chinese telecoms. Telecom shares rebounded. China Unicom rose 7.8% to lead the blue chips. China Mobile rose 5.8% for 36-point gain. Tencent rose 1.3% for 34-point gain. Then, the market turned from loss to gain in midafternoon, as China Mobile, HK Exchanges and Tencent rose to lead the rally. China Mobile rose 7.8% for 52-point gain. HK Exchanges rose 3.6% for 48-point gain. Tencenet rose 1.6% for 41-point gain. China Unicom rose 9.6%. China Telecom rose 5.7%. Telecom equipment shares rose. ZTE rose 3.2%. China Tower rose 6.4%. Comba Telecom rose 3%. Medical shares rose. Medical treatment shares soared. Microport rose 14%. AK Medical rose 9.8%. Chunli Medical rose 5.9%. Biotech shares rose. Remegen rose 10%. Akeso rose 9.8%. A shares closed up 0.73%. Shanghai composite index closed up 25 points. Hang Seng index closed up 177 points. H share index closed up 51 points. Technology index closed down 26 points. Turnover was $215 billion.
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