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Technology and new economy stocks helped stabilize the market.
The market opened sharply lower on Thursday. Hang Seng index opened down 418 points and H share index down 169 points. AIA fell 2.35% for 56 point loss. Tencent lost 2% for 56 poin...
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Technology and new economy stocks helped stabilize the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2020/10/30 09:12
The market opened sharply lower on Thursday. Hang Seng index opened down 418 points and H share index down 169 points. AIA fell 2.35% for 56 point loss. Tencent lost 2% for 56 point loss. HSBC lost 2.9% to become the top loser and accounted for 53 point loss. CCB lost 2.17% for 35 point loss. Alibaba lost 2.4% for 33 point loss. A shares opened down 1%. Shanghai composite index opened down 33 points. The market recovered some of the lost ground after opening. Hang Seng index rose about 200 points. New energy stocks rose. Goldwind announced 95% rise in third quarter profit. Share price soared 8.6%. Flat Glass rose 9.5%. Xinyi Solar rose 8.2%. BYD rose 5.3%. Bolstered by extraordinary profit from sale of pipeline to parent company, Sinopec’s third quarter profit soared 2.8 times Share price rose 1.3%. Property management shares rebounded after falling for a long period of time. A Living rose 5.2%. CG Service rose 5.4%. S-Enjoy rose 5.2%. Eversunshine rose 4.2%. Bosideng rose 4.2%. Techtronic rose 1.95%. A shares closed the morning up 0.08%. Shanghai composite index closed up 2 points. Hang Seng index closed the morning down 230 points and H share index closed down 77 points. Turnover was $61.9 billion.

The market continued to recover in the afternoon. Hang Seng index lost less than 100 points. AIA lost 1.83% for 44 point loss. HSBC lost 1.22% for 22 point loss. China Mobile lost 2.85% for 23 point loss. Technology stocks led the rebound. Tencent rose 2% for 56 point gain. Xiaomi rose 3.5% for 32 point gain. Meituan rose 6.1%. Kingsoft rose 3.8%. HK Exchanges rose 1.9 for 23 point gain. New energy stocks rose sharply. Flat Glass rose 9.5%. Xinyi Solar rose 11%. Xinyi Energy rose 11%. Geely rose 2.26%. BYD rose 10%. Property management shares rose further. S-Enjoy rose 8%. Kaisa Prosperous rose 7.7%. CG Service rose 5.7%. Smoore reported 46% increase in third quarter profit. Share price rose 5.4%. A shares closed up 0.12%. Shanghai composite index closed up 4 points. Hang Seng index reached a high of 24679 points, down only 30 points. However, the market could not hold on to the gain and retreated. Hang Seng index closed down 122 points. H share index closed down 8 points. Turnover was $133.2 billion.

Overnight, overseas markets went their separate ways. European markets moved very little. DAX rose 37 points. CAC rose 1 point. FTSE rose 1 point. US third quarter GDP growth was 7.4% on a quarterly basis. Annualized GDP growth would be 33.1%. The new sparked a rally in US stocks. Dow Jones ended a four-day losing streak. Dow Jones rose 139 points. S & P rose 39 points. Nasdaq rose 208 points. Hong Kong ADR’s rose 22 points. Night future rose 64 points. We expect the market to rise today.  
 
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