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US technology stocks rebounded after 3-day rout.
US markets fell sharply on Tuesday. The Hong Kong market opened sharply lower on Wednesday. Hang Seng index opened down 329 points. H share index opened down 139 points. Hong Kong ...
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US technology stocks rebounded after 3-day rout.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/09/10 09:16
US markets fell sharply on Tuesday. The Hong Kong market opened sharply lower on Wednesday. Hang Seng index opened down 329 points. H share index opened down 139 points. Hong Kong technology stocks followed US’s lead and opened sharply lower. Alibaba lost 2.82% for 34 point loss. Tencent opened down 1.23% for 30 point loss. CCB lost 1.79% for 29 point loss. HSBC lost 1.52% for 28 point loss. Xiaomi lost 2.68% for 25 point loss. A shares opened down 1%. Shanghai composite index opened down 33 points. The market’s loss narrowed after opening. Hang Seng index lost more than 200 points. The Civil Aviation Board announced that China’s domestic flights recovered to 90% of the pre-COVID pandemic times. Airliners rose strongly. China Eastern rose 3.7%. China Southern rose 1.9%. Air China rose 2.8%. However, Tencent lost 1%. Alibaba lost 4%. Xiaomi lost 6%. JD lost 3.4%. Netease lost 3.1%. Weimob lost 4.8%. Meituan lost 2.1%. Technology index lost 179 points, 2.5%. US electric car maker Tesla fell sharply. Chinese carmakers fell. Geely lost 2.7%. BYD lost 3.4%. Great Wall lost 3.2%. Hang Seng index lost more than 400 points in mid morning as AIA lost 2% for 50 point loss. Hang Seng index fell to a low of 24213 points, down 411 points. A shares closed the morning down 1.4%. Shanghai composite index closed down 38 points. Hang Seng index closed the morning down 239 points. H share index closed down 104 points. Turnover was $60 billion.

The market recovered some of the lost ground in early afternoon. Technology stocks rebounded. Hang Seng index rose to 24521 points, down 103 points. Xiaomi turned from loss to gain. Tencent recovered from loss to flat. HSBC lost 1.67% for 31 point loss. Alibaba lost 2.15% for 26 point loss. AIA lost 0.8% for 20 point loss. CCB lost 1.07% for 18 point loss. Crude oil fell below US$40 per barrel. Oil stocks fell. CNOOC lost 2.53%. Sinopec lost 2%. British pharmaceutical firm Astra Zeneca stopped all third phase clinical trials of covid19 vaccine because one volunteer developed unexplained sickness. Cansino rose 6% on the news. Retailers rebounded strongly on hopes of reopening to Mainland tourists in the near future. Bonjour rose 26%. Sa Sa rose 6.6%. Technology stocks fell again in midafternoon and brought down the Hang Seng index, which lost more than 200 points. A shares closed down 1.83%. Shanghai composite index closed down 60 points. Hang Seng index fell to a low of 24322 points, down 302 points. The market rebounded slightly. Hang Seng index closed down 155 points. H share index closed down 102 points. Turnover was $120.7 billion.

Overnight, overseas markets rebounded. European markets rose 1-2%. DAX rose 269 points. CAC rose 69 points. FTSE rose 82 points. US technology stocks ended a 3-day rout and rebounded 3%. Dow Jones rose 439 points. S & P rose 67 points. Nasdaq rose 327 points. Hong Kong ADR’s rose 105 points. Night future rose 208 points. We expect the market to rise today.  
 
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