A-shares opened higher but moved lower, with all three major indices turning negative; real estate and brokerages were active, while chips and semiconductors corrected. The Hang Seng Tech Index fluctuated higher, and Lenovo Group rose another 20%.
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On May 29, A-shares fluctuated and fell back. The three major stock indexes all opened higher at the beginning of the session but then started to decline. Cultivated diamonds and superhard materials continued to surge, while electricity and coal sectors rose again. The semiconductor wafer and wafer industry chains adjusted, and photovoltaic, rare earth and other sectors fell.
Hong Kong stocks collectively rose, with both the Hang Seng Index and Hang Seng Tech Index moving higher. The Hang Seng Tech Index rose more than 1% at one point in early trading. Tech stocks were mixed: Lenovo skyrocketed nearly 20%, surging over 30% at one point in early trading, peaking at HK$25.7, almost doubling compared to the closing price of HK$13.15 on May 21.
In the bond market, government bond futures collectively fell. For commodities, most domestic commodity futures rose. Key market trends:
A-shares: As of press time, the Shanghai Composite Index was up 0.26%, the Shenzhen Component Index was up 0.67%, and the ChiNext Index was up 0.60%.
Hong Kong stocks: As of press time, the Hang Seng Index was up 0.69%, and the Hang Seng Tech Index was up 0.95%.
Bond market: Government bond futures fell across the board. As of press time, the main 30-year contract fell 0.14%, the 10-year main contract fell 0.03%, the 5-year main contract fell 0.03%, and the 2-year main contract fell 0.01%.
Commodities: Domestic commodity futures rose across the board. As of press time, Shanghai Silver rose nearly 3%, lithium carbonate, Shanghai Tin, Shanghai Gold, platinum, rubber, and glass all rose over 1%. Alumina, Shanghai Copper, soybean meal, polysilicon, eggs, iron ore, Shanghai Aluminum, Shanghai Nickel, hot rolled coil, rebar, coke, asphalt, palladium, manganese silicon, industrial silicon, coking coal and others all rose. Fuel oil, stainless steel, rapeseed, caustic soda, pulp, and container shipping index fell, with crude oil down over 1%.
09:51
Lenovo Group rose over 20%, and Legend Holdings rose 15%.
In terms of news, Dell Technologies, also an AI PC concept stock, released its financial report. After hours, the stock price soared nearly 40%, with its performance exceeding analysts’ expectations by a stunning margin. Meanwhile, HP also reported strong results on May 27, with both revenue and net profit last quarter exceeding market expectations due to continued strong demand for AI PCs.
09:49
Real estate stocks soared, with Vanke A hitting the daily limit. Sunlight Shares hit the daily limit for the second time in three days, Everbright Jiabao also hit the limit, while Financial Street, Cinda Real Estate, Ronshine Real Estate, Urban Investment Holdings, and Tefa Service followed the upward trend.
In terms of news, the State Council recently issued the “15th Five-Year Plan for Urban Renewal”, which mentioned that by 2030, significant progress will be made in urban renewal actions and transformation of urban development and construction methods will begin to show results.
09:40
Innovent Biologics’ Hong Kong stock once rose more than 10%, posting the largest intraday gain in nearly a year. The company previously signed a global agreement worth up to $10.5 billion with Pfizer to develop anti-cancer drugs.
09:26
The Shanghai Composite Index opened up 0.29%, and the ChiNext Index rose 0.41%. Superhard materials, gold, high-speed copper connection, consumer electronics, memory, and server concept stocks were active. Cross-strait integration, rare earth, industrial gases, liquor, and coal sectors were weak.
09:21
The Hang Seng Index opened up 0.62%, and the Hang Seng Tech Index rose 1.05%. Lenovo Group surged nearly 15%, Innovent Biologics rose nearly 7%, BYD shares, Baidu Group, and Tencent Music were among the top gainers.
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