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ChiNext surged past YtD highs today, printing best levels since 2015. The tech-heavy index picked up a bid after building a base around the 2,800 level and last trades at 2,904, operating in close proximity to the Nov 2015 high/61.8% retracement of the 2015 - 2018 sell-off at 2,916/2,948. Momentum studies suggest that the absence of overbought conditions as of yet, indicating scope for further gains. A break above the aforementioned levels would shift focus to longer-term channel resistance at 2,920 & shorter-term channel resistance at 2,934.
- BBG noted that a 12% jump in CATL's shares accounted for nearly half of today's rally in the index. CATL gained after unveiling plans to invest CNY39bn in three new projects.
- Appetite for local tech shares may have been been further fuelled by Sinopharm's announcement that its Covid-19 vaccine showed a 79.3% effectiveness, meeting the Chinese/WHO technical standard, as well as solid performance of Chinese tech giants in HK, with Alibaba clawing back some of its recent losses.