HSTECH closes to its intraday high
Hang Seng Tech Index $HSTECH(HSTECH)$ closes up 3.15% on Friday 1/24, close to its intraday high.
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Biggest gainers include $XIAOMI-W(01810)$ $SMIC(00981)$ $SUNNY OPTICAL(02382)$ $SENSETIME-W(00020)$. Mostly mainland China/AI concepts.
$KraneShares CSI China Internet ETF(KWEB)$ $BABA-W(09988)$ $JD-SW(09618)$ $BIDU-SW(09888)$ $MEITUAN-W(03690)$ $Trip.com Group Limited(TCOM)$ $NTES-S(09999)$
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Mainland ownership of $BABA-W(09988)$ via the Stock Connect picked up over the past couple of weeks, rising by 23 million shares to about 910m.
But the real story now is the strong cross-border buying of Hong Kong ETFs like the $CSOP HS TECH(03033)$. Mainland ownership just hit an ATH of 52.56% as of yesterday.
Kingsoft Cloud is up 12% in Hong Kong trading.
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Pinduoduo making a move (+4.6%) and getting back above that upward trendline.
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