Technology stocks soared to lift the market.
Overseas markets fell last Friday. Hong Kong market opened lower. Hang Seng index opened down 119 points. H share index opened down 54 points; Technology index down 60 points. Tencent lost 1% for 28 point loss. Alibaba lost 1% for 12-point loss. Xiaomi lost 1% for 12-point loss. Ping An lost 1% for 15 point loss. Geely lost 1.2%. A shares opened up 0.36%. Shanghai composite index rose 13 points. The market turned from loss to gain after opening. China’s 2020 GDP growth rate was 2.3%, better than expected. Tencent soared 3.5% to historic high of $667.50. It contributed 90 point gain and was the main reason for the market’s rally. AIA rose 1.24% for 32 point gain. Meituan rose 5.4% for 75 point gain. HK Exchanges rose 3.45% for 46 point gain. China Mobile rose 4.88% for 34 point gain. China Unicom rose 4.6%. Xiaomi turned from loss to gain 2.9% for 34 point gain. However, HSBC lost 2.7% for 58 point loss. Ping An lost 2.5% for 38 point loss. CCB lost 1.13% for 18 point loss. New Energy stocks soared. GCL rose 13%. Flat Glass rose 5.8%. Xinyi Energy rose 3.54%. Handset suppliers rose. Q-Tech rose 13%. Sunny Optical rose 6.5% to lead the blue chips for 21-point gain. Semiconductor shares rose. SMIC rose 4.7%. Modern Dairy rose 13%. Hang Seng index reached a high of 28773, up 200 points. A shares closed the morning up 25 points. Hang Seng index closed the morning up 139 points. H share index closed up 75 points and technology index up 286 points. Turnover was $127.3 billion.
The market was little changed in early afternoon. Hang Seng index gained more than 10 points. Technology and telecoms rose while financial stocks fell. Meituan rose 5% for 70-point gain. HK Exchanges rose 3.7% for 50-point gain. Tencent rose 1.4% for 40-point gain. Xiaomi rose 3.6% on broker upgrade for 40-point gain. China rose 4.45% for 30-point gain. On the contrary, financials fell. HSBC lost 2.7% for 59-point loss. Ping An lost 2.6% for 39-point loss. CCB lost 1.13% for 18-point loss. AIA lost 0.6% for 16-point loss. The market rose further in midafternoon, as technology stocks soared. Meituan rose 6% for 83-point gain. Tencent rose 2.25% for 68-point gain. HK Exchanges rose 5% for 68-point gain. China’s fourth quarter GDP growth was 2.6%, better than expected. A shares rose more than 1%. New energy stocks rose further. GCL rose 25%. Flat Glass rose 8.8%. Xinyi Solar rose 3.1%. Shunfeng CE rose 10%. Auto stocks were mixed. Geely rose 2.7%. Great Wall rose 3.7% but BYD fell 4.8% to profit taking. Experts questioned the validity of claims made by GAC regarding graphene battery. Expert pointed out that the claims made by the company were unachievable under current technology level. GAC crashed 8.6%. A shares closed up 0.84%. Shanghai composite index closed up 30 points. Hang Seng index closed up 289 points. H share index closed up 142 points and technology index up 340 points. Turnover was $234.4 billion.
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