Biden became US President. Hong Kong market fell.
The market opened slightly lower and flat on Thursday. Hang Seng index opened down 10 points, but H share index was up 13 points and technology index up 30 points. AIA lost 1.6% for 50-point loss. Meituan lost 2.1% for 35-point loss. Alibaba lost 2% for 32-point loss. Xiaomi lost 1.4% for 18-point loss. On the contrary, Wuxi Biologics rose 2.9% to lead the blue chips for 27-point gain. HK Exchanges rose 0.7% for 10-point gain. A shares opened up 0.29%. Shanghai composite index opened up 10 points. The market turned from loss to gain after opening. Hang Seng index breached 30000 points. Tencent breached $700 to set record high and contributed 93-point gain. Pharmaceuticals rose. Wuxi Biologics rose 4.2%. Sino Biopharm rose 3.85%. CSPC rose 1.83%. Sihuan soared 30% for the second straight day. Internet stocks followed Tencent higher. JD rose 3.3%. Netease rose 5.4%. However, Weimob lost 6%. China Youzan lost 2%. Auto stocks fell. Geely lost 0.9%. Great Wall lost 3.6%. BYD lost 1.7%. The market fell sharply after breaching 30000 points, as technology stocks suffered selloff. Meituan lost 3.3% for 56 point loss. Alibaba lost 2.6% for 40 point loss. Xiaomi lost 2.7% for 36 point loss. Hang Seng index fell to 29813 points, down 149 points. The market had support at low level and Hang Seng index regained 30000 points. New energy stocks continued to attract hot money. GCL rose 10%. GCL NE rose 4.8%. Comtec rose 4%. SFSY rose 10%. However, Xinyi Energy lost 2.8%. BYD turned from loss to gain 4.2%. HSBC rose 3.2% for 71-point gain. HK Exchanges rose 2.56% for 38-point gain. A shares closed the morning up 1.3%. Shanghai composite index closed up 47 points. Hang Seng index closed the morning up 49 points. H share index closed down 2 points and technology index closed down 32 points. Turnover was $148.2 billion.
The market remained mixed and range bound in the afternoon. HSBC rose 2.54% for 56-point gain. Tencent rose 1.7% for 52-point gain. HK Exchanges rose 2.1% for 31-point gain. On the contrary, AIA lost 2.2% for 68-point loss. Alibaba lost 3.2% for 52-point loss. Xiaomi lost 3.4% for 44-point loss. BYD completed a flash placement, raising almost $30 billion. Share price rose 5.4%. Investors were optimistic about economic recovery. Metal stocks rose sharply. MMG soared 13%. Jiangxi Copper rose 3.8%. Chalco rose 6.4%. Luoyang Moly rose 3.3%. Prices of rare earth metal rose in China. China Rare Earth soared 54%. Stockbroker upgraded the outlook for Huahong Semiconductor, which rose 13%. Sihuan soared for the second consecutive day and rose 45%. SAAS shares fell. China Youzan lost 7.3%. Weimob lost 5.8%. The three Chinese telecoms petitioned NYSE to cancel the delisting procedure. Hang Seng index fell to a low of 29746, down 216 points. A shares closed up 1.07%. Shanghai composite index closed up 38 points. Hang Seng index closed down 34 points. H share index closed down 59 points. Technology index closed down 59 points. Turnover was $264.9billion.
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