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Technology stocks dragged down the market.
The market opened lower on Friday. Hang Seng index opened down 20 points, H share index down 5 points but technology index up 1 point. Tencent rose 1.25% for 19-point gain to lead ...
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Technology stocks dragged down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Friday. Hang Seng index opened down 20 points, H share index down 5 points but technology index up 1 point. Tencent rose 1.25% for 19-point gain to lead the blue chips. Meituan rose 0.64% for 10-point gain. Alibaba rose 0.6% for 9-point gain. Shanghai composite index opened up 1 point. The market remained range bound after opening. SMIC rose 1.4% and Li Auto rose 1.08% to lead the blue chips after opening. Retail stocks rose. Haidilao rose 2%. Mengniu rose 1.3%. Chow Tai Fook rose 1.3%. Nongfu Spring rose 1.25%. CR Beer rose 1%. Mainland developers rose. Longfor rose 2.44% to lead the blue chips. CR Land rose 1.97%. Sunac rose 4.4%. China Overseas Land rose 1%. Vanke rose 2.3%. Pharmaceutical shares rose. Hansoh Pharm rose 1.5%. Sinopharm rose 1.5%. CSPC rose 1.2%. Wuxi Biologics rose 1.5%. Macau gaming stocks rose. Galaxy rose 1.8%. Sands rose 1.7%. The market turned from gain to loss as Xiaomi and Teneent led the fall. Xiaomi lost 1.8% for14-point loss. Tencent lost 0.9% for 13-point loss. The market reversed direction again in midmorning. Meituan turned from loss to gain of 0.7% for 11-point gain. Hang Seng index closed the morning up 263 points, H share index up 104 points and technology index up 114 points.

The market’s gain narrowed in the afternoon . Hang Seng index gained first 100+ points, then under 100 points. Eventually the market turned from gain to loss and from loss to gain. Alibaba rose 0.3%. China Mobile rose 1.6%. HK Exchanges rose 1%. CM Securities rose 8%. Sunac rose 7.8%. Kuaishou rose 1.6%. On the other hand, Tencent lost 1%. Meituan lost 3%. Xiaomi lost 0.9%. Shanghai composite index closed the day up 30 points. Hang Seng index closed up 56 points, H share index up 22 points and tech index up 45 points. Turnover was $133.5 billion. For the week, Hang Seng index gained 194 points; H share index gained 89 points and technology index gained 106 points. However, for the month of November, Hang Seng index lost 894 points; H share index lost 318 points and technology index lost 146 points.

Last Friday night, overseas markets rose. DAX rose 201 points. CAC rose 56 points and FTSE rose 6 points. US markets rose again. Dow Jones rose 188 points and set record high again. S & P rose 33 points and Nasdaq rose 157 points. Hong Kong ADR’s rose 178 points. Night future rose 137 points. We expect the market to rise today. 
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