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The Hong Kong market crashed during the first part of the week but rebounded strongly near the weekend.
The Hong Kong market opened mixed and without direction last Friday. Hang Seng index opened down 10 points but H share index opened up 2 points. Ping An rose 1.15% for 17 point gai...
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The Hong Kong market crashed during the first part of the week but rebounded strongly near the weekend.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/08/19 09:14
The Hong Kong market opened mixed and without direction last Friday. Hang Seng index opened down 10 points but H share index opened up 2 points. Ping An rose 1.15% for 17 point gain. China Mobile rose 1.29% for 16 point gain. On the contrary, Tencent fell 0.97% for 26 point loss. HSBC lost 0.79% for 19 point loss. A shares opened down 0.04%. Shanghai composite index opened down 1 point. AAC lost 1.66% to become the top loser. Ping An rose by 1.8% to become the top gainer. The market fell right after opening. HSBC lost 1%. Tencent lost 1% and AIA lost 0.93% to combine for 77 point loss. Hang Seng index lost more than 100 points and fell to a low of 25314 points, down 181 points. However, the market had support at low level as investors went bargain hunting. Mengniu rose 5% to lead the gainers. Telecoms rose. China Unicom rose 3.45%. China Mobile rose 0.91%. Ping An rose 1.83% to account for 27 point gain. Pharmaceutical stocks rose. CSPC rose 4.2%. Sino Bipharm rose 2.32%. Local properties rebounded. New World rose 2.45%. CK Assets rose 2.33%. MTR rose 2.22%. SHK Property rose 2.13%. NWS rose 1.3 billion of non-core assets. Share price rose 3.7%. A shares closed the morning up 0.68%. Shanghai composite index closed up 19 points. Hang Seng index reached a high of 25724 points, up 229 points and closed up 205 points. H share index closed up 71 points. Turnover was $48.7 billion.
 
The market’s gain narrowed in the afternoon. Ping An rose 2.7% for 40 point gain. CK Assets rose 4.2% for 17 point gain. HK Exchanges rose 2% for 17 point gain. AIA rose 0.67% for 18 point gain. However, Tencent lost 1.1% for 29 point loss. HSBC lost 0.97% for 24 point loss. Properties rose. New World rose 6.3%. SHK Property rose 3.64%. Pharmaceutical and Macau stocks rose. CSPC rose 5.2% to lead the gainers. Galaxy rose 4%. Sands rose 2.33%. Trade and consumer related stocks rose. Shenzhou International rose 3.8%. WH Group rose 2.7%. Mengniu rose 4%. Beer companies reported strong interim results. Tsingtao rose 10%. CR Brewery rose 8%. Xtep rose 3.5%. Tingyi rose 4%. LH Group issued positive profit alert. Share price rose 11%. Ausnutria resumed trading and rebutted Orca’s allegations. Share price soared 13%. A shares closed up 0.29%. Shanghai composite index closed up 8 points. Hang Seng index reached a high of 25771 points, up 276 points and closed up 238 points. H share index closed up 61 points. Turnover was $915 billion. For the week, Hang Seng index lost 205 points and H share index lost 29 points.  
 
Last Friday night, overseas markets soared. Germany’s Premier declared that the German Government was ready to launch stimulus measures to prevent Germany’s economy from sinking into recession. DAX rose 150 points; CAC rose 64 points; FTSE rose 50 points. US markets soared last Friday. Dow Jones rose 306 points. S & P rose 41 points and Nasdaq rose 119 points. Hong Kong ADR’s fell 7 points in New York. Night future rose 51 points. We expect the market to rise today. 
 
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