- Pharma companies showed positive signs on Hong Kong and China exchanges
- Tech companies are following the suit
- Bitcoin rose to record high third time in a row in 2020
The Hong Kong Exchange has seen a massive upsurge in the crypto market. In the morning session, there observed a massive up and down in Hong Kong and China’s stock. During the lunch break, stock exchanges in Hong Kong and China saw a massive upsurge.
The Hang Seng stock index was up by 0.1% to 26,481.79 and the Shanghai Index was seen taking a bullish round with a 0.6% high at 3,388.24. On seeing the upswing in the market, Kingston Lin, Director, AMTD securities brokerage in Hong Kong is very positive about the market and believes that the market is not stagnant and showing an upward trend currently. The investors’ attention will come once the market touches 26,600. By the end of December, the Hang Seng index will reach between 26,000 to 27,000 which is a positive sign. However, there are few who are wrapping up their investments due to year-end.
This upswing in the exchanges has also garnered a lot of attention from the pharma industry. The pharmaceutical companies are the top gainers at the Hong Kong and China exchanges. The reason for the traders to be interested in pharma is because the progress on vaccines has positive implications on the market.
They also believe that these vaccines are top of the list of the medicines which will be covered by China’s health officials. These will be covered under the health insurance policies.
Sino Biopharmaceutical rose to 5.9%, Wuxi Biologics was up by 4.8%. Both the pharma companies are from Hong Kong. In Shanghai, Tibet Rhodiola Pharmaceutical Holding rose to 10% and North China Pharmaceutical gained 6.7 percent amidst the positive signs on the exchange.
The massive vaccination programme started by the US and the UK started by the health workers have soared the sentiments high in the market. The elderly are the first lot of people to receive the dosage. There were also reports of the first allergic reaction to the COVID-19 vaccine developed by BioNTech, a German Bio Technology company. This vaccine is marketed by Pfizer, a US trade company.
BlackRock in his note to a client said that the successful roll out of vaccines will create a lot of opportunities and jobs in travel, leisure and education industries. These sectors have seen job requirements and strong growth over the past decade. It is a motivation to spend more in the times to come.
The next industry which saw a positive response is the technology industry. Hang Seng Tech index saw an increase of 2.3%. Hua Hong Semiconductor was up by 7.4 percent, NetEase surged by 4.4 percent and e-commerce companies like JD.com and Alibaba gained 3 percent and 2.8 percent respectively.
Jiangsu Hengrui Medicine had introduced its anti PD-1 medicines and bid for it. They have asked China’s official Health Insurance company to add this drug in their list of drugs. This has soared the prices of the pharma company by 8.5 percent to 105.18 Yuan at the Shanghai exchange.
With an upsurge in the prices of pharma companies and Tech companies and COVID relief drugs are distributed among the Americans and Brits, the sign has shown positive news on the exchanges everywhere. Bitcoin has broken all records and has risen to US$22,672.20. The value of bitcoin has increased thrice this year.
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