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Investors believed US interest rates have peaked. Stock markets rose sharply.
The market opened higher on Friday. Hang Seng index opened up 175 points, H share index up 62 points and technology index up 52 points. Alibaba rose 1.74% for 23-point gain. AIA ro...
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Investors believed US interest rates have peaked. Stock markets rose sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Friday. Hang Seng index opened up 175 points, H share index up 62 points and technology index up 52 points. Alibaba rose 1.74% for 23-point gain. AIA rose 1.32% for 17-point gain. Tencent rose 1.25% for 16-point gain. HSBC rose 0.96% for 16-point gain. Link rose 2.88% to lead the blue chips. Zhongcheng lost 4.3% to become the top loser. Shanghai composite index opened up 4 points. Heavyweights led the rally. Auto shares rose. Geely rose 2.6%. XPeng rose 3.6%. Nio rose 5.3%. Local properties rose New World rose 3%. Link rose 2.9%. SHK rose 2%. Restaurant shares rebounded. Haidilao rose 2.5%. Yum China rose 3.6%. Handset suppliers rose. Sunny Optical rose 2.4%. AAC rose 2.2%. Q-Tech rose 2.1%. Foxconn rose 1.7%. Medical websites rose. JD Health rose 2.7%> Ali Health rose 2.1%. PA Good Doctor rose 2.7%. Sportswear shares rose. Lining rose 7.2% to lead the gainers. Anta Sports rose 1.5%. 361 rose 1%. The market rose further in midmorning as Hang Seng index soared more than 400 points. AIA rose 4.24% for 55-point gain. HSBC rose 2.45% for 39-point gain. Tencent rose 2.8% for 36-point gain. Alibaba rose 2.1% for 27-point gain. Shanghai composite index closed the morning up 22 points. Hang Seng index reached a high of 17630 points, up 400 points and closed the morning up 356 points. H share index closed up 109 points and technology index up88 points. Turnover was $48.2 billion.

The market was little changed in early afternoon. Hang Seng index gained more than 400 points. AIA rose 3.9% for 51-point gain. Tencent rose 5% for 65-points gain. HSBC rose 2.45% for 39-point gain. Alibaba rose 2.6% for 34-point gain. Meituan rose 3% for 30-point gain. HK Exchanges rose 3.5% for 19-point gain. Medical shares were mixed. Sino Biopharm rose 8.7% to become the top gainer. Pharmaron rose 5.5%. JD Health rose 3.8%. Ali Health rose 2.7%. Wuxi Biologics rose 2%. Wuxi Apptec rose 2.65%. However, Laekna lost 17.5%. Genscript lost 2.4%. Innovent lost 1%. Auto shares rose. BYD rose 4%. Geely rose 3%. Nio rose 5.8%. XPeng rose 4.4%. Li Auto rose 2.1%. Zhongcheng rose 7.7%. Apple’s i-phone sales in China exceeded expectation. Handset suppliers rose. Sunny Optical rose 5.8%. AAC rose 7.3%. Q-Tech rose 8.4%. Foxconn rose 5.2%. Macau gaming stocks rose. Sands rose 4.8%. Galaxy rose 2.4%. Wynn rose 3.1%. MGM rose 3.5%. Shanghai composite index closed up 21 points. Hang Seng index reached a high of 17729, up 499 points and closed up 433 points. H share index closed up 141 points and technology index up 109 points. Turnover was $90.9 billion.

Last Friday night, European markets were mixed. DAX rose 45 point but CAC lost 13 points and FTSE lost 39 points. In October, the US added 150000 new non-farm payroll, lower than expected. The unemployment rated edged up to 3.9%. US markets rose. Dow Jones rose 222 points. S & P rose 40 points and Nasdaq rose 184 points. We expect the market to rise today.
 
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