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The Central Bank will lower RRR by 1% to release RMB 750 billion in liquidity.
The Hong Kong market opened lower last Friday. Hang Seng index opened down 120 points, and H share index down 53 points. Tencent lost 1.1% for 28 point loss.AIA lost 1% for 24 poin...
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The Central Bank will lower RRR by 1% to release RMB 750 billion in liquidity.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2018/10/08 09:15
The Hong Kong market opened lower last Friday.   Hang Seng index opened down 120 points, and H share index down 53 points. Tencent lost 1.1% for 28 point loss. AIA lost 1% for 24 point loss. CNOOC lost 2.12% to account for 17 point loss. CCB lost 0.77% for 16 point loss. Petrochina lost 2.23% to become the top loser at opening. Sinopec lost 1.38%. On the contrary, HSBC rose 1.7% for 46 point gain. The market rebounded after opening mainly due to HSBC and China Mobile. China Mobile rose 2.25% for 34 point loss. Hang Seng index rose to morning high of 26640 points, up 17 points. However, the market could not hang on to its gains. Hang Seng index lost more than 100 points again. AAC lost 5% to lead the losers. Link lost 2.8% to become the second top loser. Manulife was attacked by Muddy Water and share price fell 2%. Bloomberg reported a spy chip placed by Chinese Military on servers used by American companies. Computer and chips manufacturers fell sharply. Lenovo lost 20%. SMIC lost 4.7%. Hua Hong Semiconductor lost 5.1%. ASM Pacific lost 3.2%. Hang Seng index fell to an intraday low of 26373 points, down 250 points. The market recovered at morning’s close. Hang Seng index closed down 111 points and H share index down 49 points. Turnover was $43 billion.
 
In the afternoon, the loss narrowed. Hang Seng index rose to an afternoon high of 26636 points, up 16 points. China Mobile rose 2.8% for 39 point gain. HSBC rose 1% for 28 point gain. On the other hand, CCB lost 0.93% for 19 point loss. Link lost 2.64% for 12 point loss. CNOOC lost 6% for 13 point loss. Sectors like gas suppliers, pharmaceutical and carmakers rebounded on bargain hunting. CR Gas rose 2.3%. China Gas rose 1.6%. Towngas China rose 2%. CSPC rose 2%. Sino Biopharm rose 1%. Geely rose 1.13%. Dongfeng rose 2.2%. However, software stocks fell. Kingdee lost 3%. Chinasoft lost 5.5%. Sinosoft lost 2.6%. Kingsoft lost 1.9%. Hang Seng index closed down 51 points and H share index down 17 points. Turnover was $76.8 billion. The market fell for the entire week’s four trading days. Hang Seng index lost a total of 1216 points and H share index lost 488 points. 
 
Last Friday, overseas markets were down sharply due to intensifying China-US trade war and rising US interest rate. European markets were down sharply by more than 1%.  DAX lost 132 points; CAC lost 51 points and FTSE lost 99 points. US markets fell sharply for the second straight day. TDow Jones lost more than 200 points at one time and closed down 180 points. S & P lost 16 points. Nasdaq lost 91 points. Hong Kong ADR’s fell 84 points in New York. Night Future lost 156 points. Mainland’s Central Bank announced lowering the RRR by 1%, thereby releasing liquidity of RMB750 billion.  We expect the market to fall this week.   
 
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