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Financials and technology stocks fell to drag down the market.
The Hong Kong market opened slightly lower on Thursday. Hang Seng index opened down 49 points and H share index down 3 points. AIA lost 1.11% for 28-point loss to drag down the mar...
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Financials and technology stocks fell to drag down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/09/18 09:11
The Hong Kong market opened slightly lower on Thursday. Hang Seng index opened down 49 points and H share index down 3 points. AIA lost 1.11% for 28-point loss to drag down the market. CNOOC rose 1.22% to lead the gainers. CR Land lost 1.36% to become the top loser at opening. A shares opened down 0.43%. Shanghai composite index opened down 13 points. The market fell sharply after opening. Financials and Technology stocks led the fall. Tencent lost 1.8% for 47-point loss. Xiaomi lost 5% for 49-point loss. JD lost 3.6%. Netease lost 2.67%. Meituan lost 2.4%. Financials fell sharply. AIA lost 2.4% for 60-point loss. HSBC lost 2.2% for 40-point loss. Macau gaming stocks fell. Sands lost 2.48% and Galaxy lost 2.43%. Pharmaceutical shares fell also. Wuxi Bio lost 4.98% to lead the losers. CSPC lost 2.13%. On the other hand, oil stocks rose on higher crude oil prices. CNOOC rose 2.44%. Sinopec rose 2.1%. Petrochina rose 2.4%. MTR rose 2.7% to lead the gainers. Restaurant shares rose. Jiumaojiu rose 3%. Haidilao rose 2%. BYD rose 3.76% against the market. Electric car maker Apollo rose 19%. DC Holdings planned to list in A shares market. Share price rose 3.4%. TA shares closed the morning down 0.99%. Shanghai composite index closed down 32 points. he market fell further in midmorning. Hang Seng index lost more than 400 points. Technology and financials stocks led the fall. Hang Seng index fell to a low of 24251 points, down 482 points, and closed down 398 points. H share index closed down 129 points. Turnover was $69.2 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 400 points. US index futures lost more than 1.5% in Asia. Dow future lost more than 400 points. Nasdaq future lost more than 200 points. The negative sentiment depressed Hong Kong stocks. AIA lost 2.6% for 65-point loss. Xiaomi lost 6.15% to lead the losers for 60-point loss. HSBC lost 2.8% for 51-point loss. Tencent lost 1.8% for 44-point loss. Alibaba lost 2.42% for 29-point loss. Wuxi Biologics lost 4.7% for 25-point loss. MTR rose 1.76% against the market to lead the gainers. Newly listed Fourace crashed 50% after rising more than 200% in first two days of trading. BYD soared to $119.90, up 6%, a historic high; but Evergrande Vehicle lost 2.9%. A shares closed down 0.41%. Shanghai composite index closed down 13 points. Hang Seng index closed down 385 points. H share index closed down 113 points. Turnover was $117.7 billion.

Overnight, overseas markets fell. US employment numbers kept at high level. In Europe, the pandemic worsened in many countries. Economic recovery is anemic. Stock markets fell. DAX lost 47 points. CAC lost 35 points. FTSE lost 28 points. In the US, technology stocks continued their consolidation. Apple and Amazon led the fall. Dow Jones lost 130 points. S & P lost 28 points. Nasdaq lost 166 points. Hong Kong ADR’s rose about 100 points. Night future rose 89 points. We expect the market to rise today.
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