Hong Kong stocks fluctuated wildly. Tencent fell below $700 momentarily.
The Hong Kong market opened higher on Wednesday. Hang Seng index opened up 165 points; H share index up 78 points and technology index up 88 points. Alibaba rose 3.3% for 50-point gain. HSBC rose 1.3% for 28-point gain. CNOOC rose 4.34% to become the top gainer for 14 point gain. On the contrary, Meituan lost 1.74% for 30-point loss. AIA lost 0.6% for 18 point loss. Anta lost 3.9% to become the top loser for 14 point loss. Tencent lost 0.35% for 11-point loss. A shares opened up 0.17%. Shanghai composite index rose 6 points. The market rose sharply right after opening. Hang Seng index rose more than 200 points, as Alibaba, HSBC and Tencent led the rally. Crude oil rose. Oil stocks led the blue chips. CNOOC rose 6.3%. Petrochina rose 3.3%. Sinopec rose 2.9%. Hang Seng index rose to a high of 29636, up 245 points. Then the market reversed direction as Meituan, Tencent and Wuxi Biologics fell to bring down the market. Meituan lost 5% for 85-point loss. Tencent fell below $700 for 75-point loss. Hang Seng index fell to a low of 29194, down 197 points. Auto stocks fell sharply. Geely lost 6.3% to lead the losers. Great Wall lost 7.6%. BYD lost 6%. New energy stocks crashed. Solargiga lost 24%. Comtec lost 22%. GCL lost 11%. Flat Glass lost 10%. SAAS shares fell sharply. Vobile lost 12%. Yeahka lost 9%. Weimob lost 7%. Then the market rebounded as investors went bottom fishing. Tencent soared above $700. A shares closed the morning down 0.03%. Shanghai composite index closed down 1 point. Hang Seng index closed up 62 points. H share index closed up 28 points but technology index closed down 82 points. Turnover was $156.3 billion.
The market was little changed in early afternoon as Hang Seng index gained under 100 points. The official media had positive news on Alibaba. Alibaba rose 3.4% for 50-point gain. In addition, China Mobile rose 4.2% for 28-point gain. CNOOC rose 4.7% for 18-point gain. The three heavyweights plus the banks led the market’s rally. On the other hand, AIA lost 1.34% for 40-point loss. Meituan lost 1.7% for 29-point loss. Geely lost 3.74% for 18-point loss. Wuxi Biologics lost 1.9% for 18 point-loss. Xiaomi lost 1.15% for 14-point loss. The official media was critical of the chaos in the new energy car production. Auto stocks fell. Geely lost 4.2%. BYD lost 3.4%. Great Wall lost 5.7%. L’Occitane rose 25% on broker upgrade. A shares closed up 0.11%. Shanghai composite index closed up 4 points. Hang Seng index closed down 93 points. H share index closed down 44 points and technology index down 159 points. Turnover was $255.1 billion.
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