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Hong Kong market continued to fall.
The Hong Kong market rebounded at opening on Friday. Hang Seng index opened up 275 points and H share index up 112 points, technology index up 170 points. AIA rose 2.3% for 65-poin...
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Hong Kong market continued to fall.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/02/01 09:19
The Hong Kong market rebounded at opening on Friday. Hang Seng index opened up 275 points and H share index up 112 points, technology index up 170 points. AIA rose 2.3% for 65-point gain. Tencent rose 2.05% for 64 point gain. Meituan rose 3.8% to become the top gainer for 63-point gain. Xiaomi rose 2.4% for 28-point gain. Wuxi Biologics rose 2.42% for 21-point gain. Geely rose 3.56% for 15 point gain. Mainland banks fell. CCB lost 1% for 16-point loss. ICBC lost 0.8% for 7-point loss. A shares opened up 0.63%. Shanghai composite index opened up 22 points. The market rose further after opening. Hang Seng index reached a high of 28972, up 422 points. Tencent soared to $717 to lead the rally. The consumption stocks that soared on Thursday fell back. Hengan lost 3.37%. Budweiser lost 4.26% to lead the losers. Want Want lost 3.2% and Tingyi lost 3.6%. WH Group lost 2%. Auto stocks rebounded. Geely rose 2.9%. BYD rose 3.13%. Great Wall rose 2.76%. SAAS shares rebounded. Weimob rose 6.6%. Ming Yuan Cloud rose 4.7%. China Youzan rose 2.7%. Kingsoft rose 5.5%. Semiconductor shares rose sharply. SMIC rose 2.24%. Huahong Semiconductor rose 4.9%. Restaurant shares rose sharply. Jiumaojiu rose 9%. Shabu Shabu rose 5%. Haidilao rose 3%. The market could not hang on it its gain and fell back. Hang Seng index fell to 28575, up 25 points. A shares closed the morning up 0.23%. Shanghai composite index closed up 8 points. Hang Seng index closed the morning up 101 points; H share index up 53 points and technology index up 166 points. Turnover was $120.3 billion.

The market reversed direction and turned from gain to loss. Dow Jones futures fell sharply by 360 points. A shares fell. Hang Seng index fell more than 200 points. AIA lost 1.9% for 52-point loss. Alibaba lost 3% for 45-point loss. Geely lost 5.1% to become the top loser, for 21-point loss. Ping An lost 2.46% for 33 point loss. HSBC lost 1.7% for 35-point loss. On the contrary, Tencent rose 1.84% for 57-point gain. Meituan rose 1.1%, for 17-point gain. HK Exchanges rose 0.8% for 11-point gain. Smoore rose 3% after placement of shares. Weichai Power was upgraded by broker. Share price soared 15%. Sinotruk rose 5%.Hang Seng index fell to a low of 28259, down 291 points. The market had support at low level and rebounded from intraday low. Hang Seng index lost under 100 points. Tencent rose 2.5% for 80 point-gain. It led the market’s rebound. Hot stocks rebounded. BYD rose 2.8%. Akeso rose 6%. GCL rose 8%. A shares closed down 0.63%. Shanghai composite index closed down 22 points. Hang Seng index closed down 267 points. H share index closed dow125 points. Technology index closed down 14 points. Turnover was $240.1 billion. For the month of January, Hang Seng index gained 1024 points; H share index gained 479 points and technology index gained 952 points.

Last Friday night, overseas markets fell sharply. European markets lost more than 2%. DAX lost 233 points. CAC lost 111 points and FTSE lost 118 points. US markets continued to fall 2%. Dow Jones lost 620 points. S & P lost 73 points and Nasdaq lost 266 points. Hong Kong ADR’s lost 58 points in New York. Night future lost 115 points. Hong Kong market is oversold. The market will rebound today.
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