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Tencent and HSBC shone in a falling market.
The market opened lower on Tuesday. Hang Seng index opened down 79 points and H share index down by 71 points. Xiaomi lost 2.75% to lead the losers and accounted for 25 point loss....
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Tencent and HSBC shone in a falling market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/10/28 09:10
The market opened lower on Tuesday. Hang Seng index opened down 79 points and H share index down by 71 points. Xiaomi lost 2.75% to lead the losers and accounted for 25 point loss. China Mobile lost 1.77% for 15 point loss. CCB lost 0.7% for 12 point loss. CNOOC lost 2.2% for 8 point loss. Tencent rose 0.62% for 16 point gain. A shares opened down 0.2%. Shanghai composite index opened down 6 points. The Hong Kong market fell further after opening. Hang Seng index lost more than 300 points. AIA lost 2.68% for 65 point loss. CCB lost 3.1% for 53 point loss. ICBC lost 3.77% for 36 point loss. Ping An lost 2.5% for 34 point loss. Xiaomi lost 3.66% for 34 point loss. On the contrary, Tencent rose 2.67% for 68 point gain. HSBC rose 1.55% for 28 point gain. Hang Seng index fell to a low of 24602 points, down 316 points. A shares closed the morning down 0.37%. Shanghai composite index closed down 12 points. Hang Seng index closed the morning down 288 points. H share index closed down 154 points. Turnover was $75.4 billion.

The market recovered some of the lost ground. Tencent and HSBC soared. Tencent rose 4% for 105 point gain. HSBC rose 5.1% to become the top gainer and accounted for 98 point gain. HSBC announced the resumption of payment of dividend in the second quarter of 2021. Wuxi Biologics rose 2.4% for 14 point gain. Mainland banks, insurers and oil stocks that rose sharply last Friday fell to profit taking. AIA lost 2.75% for 65 point gain. CCB lost 3.3% for 56 point gain. Ping An lost 2.5% for 35 point loss. CNOOC lost 4.7% to cause 16 point drop. The market recovered some of the lost ground. Hang Seng index lost less than 200 points. Mainland developers fell. CR Land lost 5.15% to become the top loser. Country Garden lost 3.54%. China Overseas Land lost 2.24%. Carmakers were mixed. BYD rose 4% but Great Wall fell 4.2%. Shanghai composite index closed up 3 points. Hang Seng index reached an afternoon high of 24829, down only 89 points. A shares closed up 0.1%. Shanghai composite index closed up 3 points. Hang Seng index closed down 131 points. H share index closed down 122 points. Turnover was $130.5 billion.

Overnight, overseas markets were mixed. European markets lost 1%. DAX lost 113 points. CAC lost 85 points. FTSE lost 63 points. US markets were mixed. Drug firms met failures in their quest for Covid19 vaccine. Dow Jones lost 222 points. S & P lost 19 points. However, technology stocks rose. Amazon and Apple led the technology rally. Nasdaq rose 72 points. Hong Kong ADR’s rose 4 points. Night future rose 99 points. We expect the market to rise today. 
 
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