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Trump will cut tariff on China to about 50%.
US markets soared overnight. Hong Kong market followed and opened sharply higher. Hang Seng index opened up 518 points, H share index up 202 points and technology index up 171 poin...
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Trump will cut tariff on China to about 50%.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
US markets soared overnight. Hong Kong market followed and opened sharply higher. Hang Seng index opened up 518 points, H share index up 202 points and technology index up 171 points. Technology stocks led the rally. Alibaba rose 5.82% for 92-point gain. Xiaomi rose 5.3% for 58-point gain. Tencent rose 3.4% for 58-point gain. BYD rose 6.2% for 42-point gain. Meituan rose 2.1% for 25-point gain. BYD rose 6.2% for 42-point gain on issuing 2 bonus shares for each share currently held by investors. HSBC rose 1.4% for 23-point gain. Handset supplier rose sharply. BYD Electronics rose 6.2% to lead the blue chips. Sunny Optical roe 5.8%. AAC rose 5.8%. Q-Tech rose 4.5%. Cowell rose 6%. Price of gold retreated. Zijin lost 1.4% to become the top loser. Shanghai composite index opened up 11 points. The market retreated slightly after opening. Hang Seng index gained more than 400 points. HK Exchanges rose 4.2% for 27-point gain. Meituan rose 1.6% for 20-point gain. AIA rose 1.74% for 17-point gain. Gold retreated from record high. Gold share fell sharply. Zijin lost 3.1%. Chifeng Gold lot 8%. Laopu Gold lost 3.3%. Zhaojin lost 6%. SD Gold lost 7.6%. Shanghai composite index closed the morning up 11 points. Hang Seng index retreated to 21863 points, up 301 points at one time. However, the market rose again near midday as Hang Seng index gained more than 500 points. Hang Seng index closed the morning up 519 points. H share index closed up 171 points and technology index up 152 points. Turnover was $147.4 billion.

The market rose further in early afternoon, as Hang Seng index reached a high of 22139 points, up 577 points. Xiaomi rose 7.2% for 93-point gain on broker upgrade. Alibaba rose 5.45% for 86-point gain. HSBC rose 3.46% for 57-point gain. Tencent rose 3.04% for 53-point gain. Export related shares rose. Techtronic rose 4.5%. Lenovo rose 4%. Sunny Optical rose 3.4%. BYD Electronics rose 5.9%. Gold related shares fell further. Chifeng Gold crashed 16.4%. Laopu Gold lost 5.8%. Zijin lost 5.55%. Zhaojin lost 10%. SD Gold lost 10%. Telecoms fell. China Mobile lost 2.35% due to poor quarterly results. China Telecom lost 4.3%. China Unicom lost 0.6%. Macau gaming stocks rose. Sands rose 4.26%. Galaxy rose 4.2%. Shanghai composite index closed up 1 point. Hang Seng index closed up 510points, H share index up 165 points and technology index up 150 points. Turnover was $260.6 billion.

Overnight overseas markets rose. DAX rose 668 points. CAC rose 156 points and FTSE roe 74 points. Trump indicated tariff on China would be cut from currently 145% to about 50%. US markets soared on thew news. Dow Jones soared 1100 points at the peak but closed up 449 points. S & P rose 88 points and Nasdaq rose 407 points. Hong Kong ADR’s rose 6 points. Night future lost 105 points. We expect the market to rise today.  
 
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