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The Hong Kong market opened lower on Thursday. Hang Seng index opened down 95 points but H share index opened down 45 points. Banks led the fall. HSBC announced cutting its workfor...
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Some internet plays soared.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/06/19 09:11
The Hong Kong market opened lower on Thursday. Hang Seng index opened down 95 points but H share index opened down 45 points. Banks led the fall. HSBC announced cutting its workforce. Share price fell 1.2% for 44 point loss. CCB lost 0.96% for 19 point loss. Ping An lost 0.94% for 13 point loss. On the contrary, AIA rose 0.97% for 24 point gain. Geely planned to reorganize its corporate structure with Volvo and list in Shanghai A shares market later this year. Share price rose 7.56% to lead the blue chips and contributed 16 point gain. Tencent rose 0.4% for 10 point gain. JD opened at $239, up $13 from listing price or 5.75%. A shares opened down 0.46%. Shanghai composite index opened down 13 points. The market fell sharply after opening. Hang Seng index lost more than 300 points and fell to a low of 24122 points, down 359 points. HSBC lost 2.5%. AIA lost 1.3%. CCB lost 1.3%. Skyworth announced share buyback. Share price soared 22% at one time. Semiconductor share rose. SMIC rose 3.9%. Huahong Semiconductor rose 4.9%. A shares closed the morning up 0.03%. Shanghai composite index closed up 1 point. The market’s loss narrowed substantially near midday. Hang Seng index lost only 54 points mainly due to weakness in HSBC. H share index closed down 3 points. Turnover was $66.1 billion.

The market was little changed in early afternoon. The market traded within narrow ranges. HSBC lost 1.72% for 40 point loss. Tencent rose 0.78% for 20 point gain. Geely rose 6.22% for 13 point gain. CSPC rose 4% for 9 point gain. Some internet stocks performed well. Chinese literature rose 9%. CGME rose 8.8%. Kingsoft rose 3.3%. Ascletis rose 13% on good clinical trial results. Luye rose 5%. CSPC rose 5%. Hang Seng index reached a high of 24458 points, down 23 points. Then, HSBC fell further to 2.25%, causing 53 point loss. Tencent rose 1.2% for 30 point gain. Hong Kong markets fell further. Hang Seng index lost more than 100 points. Semiconductor shares rose further. SMIC rose 5%. Huahong rose 9%. ZTE soared 20% it announced production of 7 nanometer chips. Aoyuan rose 9% on broker upgrade. A shares closed up 0.12%. Shanghai composite index rose 3 points. Hang Seng index closed down 16 points. H share index closed up 7 points. Turnover was $121.6 billion.

Overnight, most overseas markets fell. European markets fell slightly. DAX loste 100 points. CAC lost 37 points. FTSE lost 29 points. US first time unemployment claims were higher than expected. In addition, new infection rose in major states. Dow Jones lost 39 points. S & P rose 2 points. Technology stocks rose again. Nasdaq rose 29 points. Hong Kong ADR’s fell 73 points. Night future was flat. We expect the market to fall today.  
 
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