Hang Seng Index Peaks Over 31,000 in New Lunar Year

The Hang Seng index reached above 31,000 when the market reopened following the Spring Festival.
Benjamin WangFeb 18,2021,22:46

The Hang Seng Index reached above 31,000 Wednesday, rising to its highest level since June 12, 2018.

The markets resumed operations on Wednesday after the Lunar New Year vacation. Hang Seng TECH Index rose 2.34% to 10,945 and hit a record high on the first New Year’s trading day. Alibaba (HKEX:09988), Tencent (HKEX: 00700), and Meituan (HKEX: 03690) suffered a low open but gained in the afternoon, rising 1%, 2%, and 3%, respectively.

JD.com (HKEX: 09618) closed up 6% Wednesday, climbing to record highs, and its market value exceeded HK$1.3 trillion for the first time. The logistics arm of JD.com has filed a prospectus to launch its IPO process in Hong Kong on the same day. The company aims to become the second subsidiary of JD.com to go public in the city after JD Health.

Pop Mart (HKEX: 09992 ) listed on the main board of HKEX with an issuing price of HK$38.50 per share in December. The stock of the company closed at HK$105, up 15%, with a total market capitalization of HK$147.2 billion.

Lenovo Group (HKEX: 00992) reached its highest level of HK$10.68 per share on Thursday. Morgan Stanley raised Lenovo’s target price HK$10 to HK$11.6 with a “Accumulate or increase” rating. In addition, Citigroup raised the target price of Lenovo from HK$11.8 to HK$12.1 and maintained a “buy” rating.

New Horizon Health Ltd. (HKEX: 06606) closed up 219% on its first day of trading at HK$85, giving it a market value of HK $35.547 billion.

Investors have a positive attitude on the market. “Market sentiment is very feverish, even in the absence of money [from the mainland] coming through the Stock Connect,” said Louis Tse Ming-kwong, managing director of Wealthy Securities. “Investors are anticipating a gradual economic recovery, as more people are taking vaccines.”

On Thursday, the HSI closed at 30,595.27, down 1.6%.

Topics:Hang Seng Index; Hong Kong; China
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