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China and the US would delay the signing of trade agreement to December.
The Hong Kong market opened lower on Wednesday. Blue chips were range bound. Hang Seng index fell 47 points and H share index 24 points at opening. Ping An rose 0.64% for 10 point ...
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China and the US would delay the signing of trade agreement to December.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/11/07 09:38
The Hong Kong market opened lower on Wednesday. Blue chips were range bound. Hang Seng index fell 47 points and H share index 24 points at opening. Ping An rose 0.64% for 10 point gain. On the contrary, CNOOC lost 1.6% for 11 point loss. China Mobile lost 0.85% for 10 point loss. WH Group rose 1.5% to lead the gainers. On the other hand, CSPC lost 1.96% to lead the losers. A shares opened down 0.07%. Shanghai composite index lost 2 points. The market fell further after opening. Hang Seng index lost more than 100 points and fell to a low of 27548 points, down 135 points. Consumers stocks led the fall. Mengniu lost 2.3%. Geely lost 2.09%. Shenzhou International lost 1.64%. Hengan lost 1.89%. Financials lost the most in points. AIA lost 0.48% for 13 point loss. CCB lost 0.61% for 16 point loss. However, the market turned from loss to gain in midmorning. Financials rebounded. Mengniu crashed 5.86% for 16 point loss. Education stocks were mixed. CMGE reported 34% increase in interim profit. Share price rose 7%. New Higher Education placed shares at 13% discount. Share price fell 7%. PA Good Doctor spent RMB130 million to acquire drug store chain 20%. Share price rose 4.87%. A shares closed the morning down 0.19%.. Shanghai composite index lost 5 points. Hang Seng index closed the morning down 22 points. H share index closed down 10 points. Turnover was $40 billion.

In the afternoon, the market turned from loss to gain. Local properties led the rally. The CE was received by Chairman Xi, and received a resounding vote of confidence. Local properties rallied. New World rose 1.57% to lead the blue chips. SHK Property rose 1.16%. Wharf rose 0.86%. Link rose 0.82%. CK Assets rose 0.73%. Local banks rose. BOC HK rose 1.07%. HK Exchanges reported 9.6% decline in third quarter profit and only 1% fall for the first nine months. The results were better than expected. However, HK Exchanges were little changed. CK Life Sciences reported progress in its cancer treatment research. Share price soared 153% to lead all stocks. The market fell in late trading, led by Mengniu’s 5.56% fall. Several brokers downgraded the outlook for Mengniu as its costs kept rising. Investors dumped the shares. China Mobile lost 0.85% for 10 point fall. Hang Seng index fell to a low of 27642 points, down 41 points. The market recovered slightly at the close. Hang Seng index closed at 27688 points, up 5 points. H share index closed down 17 points. Turnover was $72.8 billion.

Overnight, overseas markets were range bound. European markets were slightly higher. DAX rose 31 points. CAC rose 16 points and FTSE rose 7 points. US trade officials indicated that China and the US would sign a trade agreement in December. There was a possibility that the two sides could not reach an agreement but the chance for reaching an agreement was higher. Dow Jones and Nasdaq fell after reaching record highs. Dow Jones lost a fraction. Nasdaq lost 24 points. However, S & P rose 2 point. Hong Kong ADR’s lost 125 points in New York. Night future lost 35 points. We expect the market to fall today.  
 
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