[Caihua News] on June 11, inflation in the United States hit a 13-year high in May. Hong Kong stocks ended seven consecutive declines after the news, and the Hang Seng Index rebounded after falling 729 points, closing up 103 points. However, trading remained quiet on the eve of the holiday, with turnover of only about HK $130 billion.
Meituan-W (03690.HK) is the locomotive of Risheng City, while other major new economy stocks have fallen against the market. Ganfeng Lithium (01772.HK) discounted rights issue, the market reaction was positive, the low rebounded 4.6 per cent. After breaking the top yesterday, China Software International (00354.HK) threw up at a high level today, falling 7.5 per cent against the market. Xinyi Light Energy (00968.HK) rose sharply, up 6.8 per cent. A number of pharmaceutical stocks were sought after, with Cancino Bio-B (06185.HK) up 10.4 per cent.
Lei Jun, Xiaomi's chairman, was accused by the mainland media of visiting 02333.HK 's car research and development centre in Baoding, Hebei province, on the evening of June 8. Great Wall jumped 4.5 per cent or HK $1.05 to HK $24.50.
Hong Kong stocks closed higher. The Hang Seng Index rose 103 points, or 0.3%, to 28842. The Hang Seng China Enterprises Index rose 34 points, or 0.3%, to 10751. The Heng Biotechnology Index rose nearly 22:00 or 0.3% to close at 7991 points. The transaction value is 131.195 billion Hong Kong dollars.
Before trading, the Hang Seng Index opened 126 points or 0.4% higher than the periphery; the opening session was more volatile, reaching an intraday high of 28965 points at 9:45, stopping before 29000 points, up from yesterday's close of 28738 points; and then significantly narrowing its gains and reaching an intraday low of 28743 points at 10:09, up at least 5 points; and the state-owned enterprises index and the technology index fell inversely. After noon, it fluctuated in a high and narrow range, and finally closed up 103 points.
The trading value of Hong Kong Stock Connect is 30.255 billion Hong Kong dollars, and the net inflow of mainland North Water into Hong Kong stocks is nearly 1.9 billion Hong Kong dollars. June Hang Seng Index futures closed at 28807 points at 17:26, slightly lower than spot by 35 points, up 199 points, and about 103000 open positions. In June, the Hang Seng China Enterprises Index reported 10722 points, 28 points lower than the spot, up 68 points. The open position was about 185000.
Meituan-W (03690.HK) rose 3.1 per cent, or HK $9.2, to HK $307.2, contributing to a 69-point rise in the Hang Seng index. Fitch report pointed out that Meituan earlier completed a large placement to raise funds, even in the face of China Municipal Regulatory Bureau anti-monopoly investigation and potential fines, there is still enough cash as a buffer to maintain Meituan's "BBB" credit rating and maintain the rating outlook as negative.
Major new economy stocks fell against the market. 00700.HK fell 0.7 per cent, or HK $4.50, to HK $596. Photon Studio, owned by Tencent, issued an internal notice that starting from June 14, it will go to work at 9am and leave at 6pm on Wednesday, and leave the office no later than 9pm on other days, and have a holiday on Saturdays and Sundays. # Tencent pilot forced off work at 6: 00 # and became the number one hot search on mainland social platforms.
Alibaba-SW (09988.HK) fell 1.2 per cent or HK $2.40 to HK $205.2, Xiaomi-W (01810.HK) did not rise or fall to HK $28.15, and JD.com Group-SW (09618.HK) fell 1.5 per cent or HK $4.20 to HK $279.2.
Ganfeng Lithium (01772.HK) discounted rights issue, the market reaction was positive, the low rebounded 4.6 per cent, or HK $4.90, to close at HK $111.6. Ganfeng lithium industry announced that it will place about 48 million H shares at a price of HK $101.35, a discount of 5% from yesterday's close, raising nearly HK $4.87 billion, which is intended to be used for capacity expansion and potential investment.
After breaking its peak yesterday, China Software International (00354.HK) gave up at a high today, falling 7.5 per cent or HK $1.04 against the market to close at HK $12.86. Huawei concept stock China Software International yesterday generated new and all-time highs at HK $13.9 and HK $14.04, respectively. Bank of America Securities raised its target price to HK $13.3, while Citigroup raised its target price to HK $13.1.
Xinyi Solar Energy (00968.HK) rose sharply, rising 6.8 per cent, or HK $0.96, to HK $315.06, a three-month high. It also recorded three consecutive increases, with a cumulative increase of 15.7% or HK $2.04.
A number of pharmaceutical stocks were sought after. 06185.HK rose 10.4 per cent, or HK $34.80, to HK $369.8, 02158.HK rose 7.9 per cent or HK $3.15 to HK $42.90, and Peijia Medical-B (09966.HK) rose 6.8 per cent or HK $2.05 to HK $32.
On the other hand, SOHO China (00410.HK) rose 15.2 per cent, or HK $0.50, to HK $3.80 on a turnover of HK $446 million. The recovery of the office property market in Beijing and Shanghai has made the market look forward to a revaluation of SOHO China. DTZ recently announced that Harmony Health Insurance acquired the SK Building in Beijing with a turnover of 9.06 billion yuan, setting a new record for transactions in the domestic block trading market after the epidemic.
The high level of 01696.HK fell significantly, falling 13 per cent, or HK $2.60, to HK $17.40 on a turnover of HK $110 million.
On the news side, the US consumer price index rose 5 per cent year-on-year or 0.6 per cent month-on-month in May, while core CPI rose 3.8 per cent year-on-year and 0.7 per cent month-on-month. On the other hand, the number of people applying for unemployment benefits for the first time in the United States is the lowest since the epidemic, reflecting the continued recovery of the US economy. Its balance sheet exceeded $8 trillion for the first time, according to the Federal Reserve.
Guo Shuqing, party secretary of the people's Bank of China and chairman of the Bancassurance Administration, said that since the epidemic, monetary policy in developed countries has reached an unprecedented degree of relaxation, and the negative effects need to be shared by all countries in the world. Chinese-produced goods are the anchors to stabilize global inflation. In addition, Yi Gang, governor of the people's Bank of China, expects China's CPI to grow by an average of less than 2 per cent in 2021.
June 14 is the Dragon Boat Festival holiday and Hong Kong stocks are closed for the day. Next week's market focus will be the Federal Reserve interest rate meeting on June 16.
(Zhou Yanfeng / tr. by Phil Newell)