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Financials and technology stocks fell to drag down the market.
The market opened higher on Thursday. Hang Seng index opened up 98 points; H share index up 39 points and technology index up 19 points. Tencent rose 1.25% for 43-point gain. HSBC ...
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Financials and technology stocks fell to drag down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/02/19 09:09
The market opened higher on Thursday. Hang Seng index opened up 98 points; H share index up 39 points and technology index up 19 points. Tencent rose 1.25% for 43-point gain. HSBC rose1.63% to lead the blue chips for 38-point gain. Ping An rose 1.6% for 21-point gain. On the contrary, AIA lost 0.76% for 24-point loss. Alibaba lost 1.35% for 21-point loss. ICBC lost 1.36% for12-point loss. New listing New Horizon made trading debut at $76, 185% above its IPO price, for $24600 profit per lot. A shares opened up 2%. Shanghai composite index rose 74 points. The chairman of China Youzan resigned as he was arrested for criminal offense. Share price fell 5%. The market turned from gain to loss after opening as selling pressure mounted. Hang Seng index lost more than 200 points. AIA lost 2.75% for 86-point loss. Meituan lost 1.8% for 41-point loss. Alibaba lost 1.8% for 29-point loss. CCB lost 1.73% for 28-point loss. Wharf lost 3.4% to become the top loser. SAAS shares followed the lead of China Youzan to trade lower. Newborn Town lost 11%. Yeahka lost 7%. Weimob lost 2.5%. Hang Seng index fell to a low of 30836, down 249 points. The market had support at low level. Tencent and HK Exchanges rose to record highs to lift the market. Crude oil rose. CNOOC rose 5% to lead the gainers. Telecoms rose. China Mobile rose 4.44%. China Unicom rose 3%. SAAS shares fell sharpy. Newborn Town lost 11%. Yeahka lost 7%. CNOOC rose 5% to lead the gainers. Telecom shares rose. China Mobile rose 4.44%. China Unicom rose 3%. SMIC rose 5% against the market. A shares closed the morning up 14 points. Hong Kong shares fell sharply. Hang Seng index fell to a low of 30604, down 481 points and closed the morning down 361 points. H share index closed down 123 points and technology index down 283 points. Turnover was $172.9 billion.

The market’s fall narrowed in early afternoon. Hang Seng index rebounded more than 100 points. AIA lost 3.7% for 113-point loss. Meituan lost 4% for 81-point loss. Wuxi Biologics lost 3.6% for 36-point loss. CCB lost 1.9% for 32-point loss. China Mobile rose 4.5% to lead the blue chips for 25-point gain. HK Exchanges rose 1.24% for 20-point gain. HSBC rose 0.54% for 12-point gain. Shipping stocks rose on economic recovery. Cosco Shipping Holdings rose 4.5%. Pacific Basin rose 6.6%. SAAS shares that rose sharply recently fell to profit taking. Newborn Town lost 19%. Yeahka lost 9.4%. Weimob lost 8.3%. China Youzan lost 4%. Netdragon soared 17% on broker upgrade. However, other online game shares fell. XD lost 16%. Vobile lost 9.8%. Boyaa lost 9.6%. Forgame lost 8.4%. Idreamsky lost 3.45%. New energy stocks fell sharply. GCL lost 11%. GCL NE lost 8.4%. Solargiga lost 6.6%. Flat Glass lost 5.5%. Xinyin Solar lost 6.5%. Cathy Wood shares fell sharply. Zhongan lost 9.8%; PA Good Doctor lost 3%. Yeahka lost 12.4%. Inspur issued profit warning. Share price crashed 27%. A shares closed up 0.55%. Shanghai composite index closed up 20 points. Hang Seng index closed down 489 points; H share index down 187 points and technology index down 353 points. Turnover was $282.6 billion.

Overnight, overseas markets fell to profit taking. European markets fell. DAX lost 22 points. CAC lost 37 points and FTSE lost 93 points. US markets edged lower. Dow Jones lost 119 points. S & P lost 17 points and Nasdaq lost 100 points. Hong Kong ADR’s lost 95 points. Night future lost 133 points. We expect the market to continue to consolidate today.  
 
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