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The Federal Reserve is expected to keep interest rates unchanged this week.
The Hong Kong market opened slightly lower last Friday. Hang Seng index opened down 31 points and H share index down 25 points. Tencent lost 0.34% for 11 point loss. Ping An lost 0...
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The Federal Reserve is expected to keep interest rates unchanged this week.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/02/17 09:06
The Hong Kong market opened slightly lower last Friday. Hang Seng index opened down 31 points and H share index down 25 points. Tencent lost 0.34% for 11 point loss. Ping An lost 0.72% for 11 point loss. China Overseas Land lost 1.1% to become the top loser at opening. CNOOC rose 1.13% to become the top gainer at opening and contributed 8 point gain. A shares opened down 0.21%. Shanghai composite index lost 6 points. The market rose sharply after opening as funds flowed in. Hang Seng index gained more than 200 points. AIA rose 1.5% for 40 point gain. Tencent rose 0.823% for 27 point gain. CCB rose 0.93% for 20 point gain. ICBC rose 1.1% for 13 point gain. SMIC reported 2.35 times increase in fourth quarter profit. Share price rose 3.7% only to fall 4%. Huahong lost 10%. Alibaba reported 58% gain in third quarter profit. Investors were pessimistic about the Group’s 2020 prospects. Share price fell 0.74%. Pharmaceutical stocks rose. Sino Biopharm rose 2.6% to lead the blue chips. CSPC rose 1.2%. Cansino Pharm rose 7.7%. Innovent rose 7%. Local properties rose. Wharf rose 2.2%. Hang Lung rose 1.7%. SHK Property rose 1.67%. Hang Seng index reached a high of 27960 points, up 230 points. A shares closed the morning up 0.52%. Shanghai composite index rose 15 points. Hang Seng index closed the morning up 165 points and H share index up 65 points. Turnover was $52.8 billion.

The market was little changed in early afternoon. Hang Seng index gained more than 100 points. Financials led the rally. AIA rose 1.06% for 28 point gain. CCB rose 1.08% for 23 point gain. ICBC rose 1.1% for 13 point gain. Tencent rose 0.43% for 14 point gain. Property management shares soared to record highs. A Living rose 1.9%. S- Enjoy rose 6.06%. Aoyuan Health rose 7.8%. Kaisa Prosperous rose 7.4%. CO Property rose 4.2%. Evergreen Health rose 12%. However, Ali Health lost 1.12%. PA Good Doctor lost 2.4%. Metal shares rose. Luoyang Moly rose 6.6%. Gangfeng Lithium rose 1%. Jiangxi Copper rose 1.35%. Angang rose 1.8$%. Maanshan rose 1.4%. Retailers were mixed. Gome Retail rose 15% but Veeko fell 17%. A shares closed up 0.38%. Shanghai composite index rose 11 points. The Hong Kong market retreated in late afternoon trading. Hang Seng index gained under 100 points. China Mobile lost 1.44% for 18 point loss. Tencent lost 0.48% for 16 point gloss. Hang Seng index closed up 86 points. H share index closed up 28 points. Turnover was $95.8 billion. For the week, Hang Seng index gained 412 points and H share index gained 158 points.

Overnight, overseas markets were mixed. European markets were lower. DAX lost 1 point; CAC lost 24 points and FTSE lost 43 points. US markets opened higher but fell back at closing. Dow Jones closed down 25 points. On the contrary, S & P rose 6 points and Nasdaq rose 28 points to set record closing highs. The Federal Reserve is expected to keep interest rates unchanged in this week’s meeting. HSBC is expected to report flat 2019 net profit. Hong Kong ADR’s lost 77 points. Night future lost 164 points. We expect the market to fall today.  
 
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