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China and the US will cut tariff in stages. Hong Kong shares soared.
The Hong Kong market opened flat on Thursday. Blue chips were range bound. Hang Seng index rose 2 points and H share index lost 2 points at opening. AIA rose 0.85% for 24 point gai...
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China and the US will cut tariff in stages. Hong Kong shares soared.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2019/11/08 09:08
 The Hong Kong market opened flat on Thursday. Blue chips were range bound. Hang Seng index rose 2 points and H share index lost 2 points at opening. AIA rose 0.85% for 24 point gain. CCB rose 0.62% for 13 point gain. On the contrary, HSBC lost 0.41% for 11 point loss. Tencent lost 0.3% for 8 point loss. Hang Seng Bank rose 1.3% to become the top gainer among the blue chips. Shenzhou International lost 1.28% to become the top loser at opening. A shares opened down 0.01%. Shanghai composite index lost less than 1 point. The market turned from gain to loss after opening. Tencent lost 1.62% to account for 42 point loss. AIA lost 0.72% for 20 point loss. AAC lost 2.38% to become the top blue chip loser. CSPC continued to rise and rose another 3.66% to lead the blue chips. Hang Seng index fell to a low of 27535 points, down 153 points. Heavyweights led the fall. Tencent lost 2% for 50 point loss. AIA lost 1% for 29 point loss. HSB C lost 0.41% for 11 point loss. Dachan Food reported 2.4 times increase in net profit for the first nine months of 2019. Share price soared 71%. CK Life Sciences continued to rise another 30%. Meituan rose 2.4% to reach $99. A shares closed the morning down 0.3%. Shanghai composite index lost 9 points. Hang Seng index closed the morning down 93 points. H share index closed down 25 points. Turnover was $38.5 billion.

The market was little changed in early afternoon. Hang Seng index lost about 100 points. Tencent lost 1.85% for 48 point loss. AIA lost 1.03% for 27 point loss. CSPC rose 3.9% to lead the blue chips and contributed 10 point gain. Handset suppliers fell. AAC lost 4% and Sunny Optical lost 2.1% to lead the losers. AAC might be replaced in the Hang Seng index constituent stocks. Investors sold down the share. Hengan also might suffer the same fate and lost 1.54%. Alibaba was rumored to start IPO process next week. Internet stocks were mixed. Meituan rose 1%. Zhongan Online rose 3%. Netdragon rose 3.6%. However, Kingsoft lost 2.7%. Kingdee lost 1.6%. PA Good Doctor lost 0.9%. A share closed flat. Shanghai composite index rose less than 1 point. The market turned from loss to gain in late trading. Bloomberg reported some tariffs would be cancelled. Mainland banks soared to lift the market. CCB rose 1.4% for 30 point gain. ICBC rose 1.5% for 20 point gain. CSPC rose 5.4% for 16 point gain. Hang Seng index rose to a high of 27901 points, up 213 points but closed at 27847 points, up 158 points. H share index closed up 75 points. Turnover was $77.8 billion.

Overnight, overseas markets rose on news that China and the US agreed to cancel tariffs in stages. European markets rose. DAX rose 109 points. CAC rose 24 points and FTSE rose 9 points. In the US, all three major indices set record highs. Dow Jones soared more than 200 points in early trading. However, news came out that some White House officials were against removing trade tariff. US markets retreated. Dow Jones closed up 182 points. S & P rose 8 points and Nasdaq rose 24points. Hong Kong ADR’s lost 75 points in New York. Night future lost 111 points. We expect the market to fall today.
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