Mainland banks rose again to underpin the market’s rise.
The market opened lower on Thursday. Hang Seng index opened down 58 points and H share index down 43 points. China Mobile lost 1.15% for 10 point loss. China Unicom lost 2.67% to become the top loser. HSBC’s relationship with China showed improvement. However, share price still lost 0.48% for 8 point loss. AIA rose 0.77% for 19 point gain. Galaxy rose 1.63% to become the top gainer. Sands rose 0.9%. A shares opened down 0.38%. Shanghai composite index opened down 13 points. The market fell further after opening. Hang Seng index lost more than 100 points. Telecoms fell. China Unicom lost 7.8% to lead the losers. China Mobile lost 2.03%. China Telecom lost 4.6%. Hang Seng index fell to a low of 24556 points, down 198 points. Second line technology stocks fell. China Youzan lost 5.85%. Weimob lost 1.5%. Duiba lost 2.78%. The market had support at low level. Hang Seng index lost under 100 points. Tencent lost 1.4% for 37 point loss. China Mobile lost 3% for 26 point loss. HK Exchanges lost 1.4% for 16 point loss. China Unicom lost 10% to top the losers and caused 10 point drop. Mainland banks rose to lift the market. CCB rose 2.65% for 44 point gain. ICBC rose 2.6% for 22 point gain. BOC rose 2.35% for 13 point gain. Galaxy rose 3.6% for 12 point gain. A shares closed the morning down 0.83%. Shanghai composite index closed down 28 points. Hang Seng index closed the morning down 55 point. H share index closed down 30 points. Turnover was $ 55 billion.
The market was little changed in early afternoon. Hang Seng index fell less than 50 points. Macau gaming stocks rose the most. Sands rose 5.9% and Galaxy rose 4.6% to lead the blue chips and accounted for 27 point gain. CCB rose 2.83%; ICBC rose 2.6% and BOC rose 2%. The three banks contributed 77 point gain. On the other hand, Tencent lost 1.15% for 30 point loss. China Mobile lost 3% for 28 point loss. New energy stocks fell sharply. GCL lost 8.5%. Flat Glass lost 6.3%. Xinyi Energy lost 6.4%. Xinyi Solar lost 4.5%. Solargiga lost 6.6%. Gold Wind lost 2.8%. However, Shun Feng Clean Energy rose 1.9% and BYD rose 4.6%. President of Brasil Bolsonaro vetoed the use of untested Chinese vaccine against Covid19. Pharmaceutical shares fell. Cansino lost 5%. Junshi lost 4.6%. CSPC lost 2.1%. 3S Biopharm lost 8.45%. A shares closed down 0.38%. Shanghai composite index lost 12 points. The market rebounded and turned from loss to gain. Hang Seng index reached a high of 24817 points, up 63 points. Mainland banks, Macau gaming stocks and AIA led the rebound. Hang Seng index closed up 31 points. H share index closed up 7 points. Turnover was $107.2 billion.