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Hong Kong market crashed as the Financial Secretary increased stamp duty.
The Hong Kong market opened up slightly on Wednesday. Hang Seng index opened up 70 points. H share index opened up 58 points and technology index up 67 points. HSBC lost 1.5% to be...
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Hong Kong market crashed as the Financial Secretary increased stamp duty.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/02/25 09:06
The Hong Kong market opened up slightly on Wednesday. Hang Seng index opened up 70 points. H share index opened up 58 points and technology index up 67 points. HSBC lost 1.5% to become the top loser for 28-point loss. AIA lost 0.4% for 12-point loss. On the contrary, CCB rose 0.78% for 13-point gain. Ping An rose 0.94% for 13-point gain. Tencent rose 0.35% for 11-point gain. Sunny Optical rose 2.4% to lead the blue chips. A shares opened up 0.07%. Shanghai composite index rose 2 points. The market fluctuated wildly after opening. The market rumored that the Financial Secretary would increase stamp duty on stock transactions. The market crashed on the rumor. Hang Seng index lost more than 700 points and fell below 30000 points. HK Exchanges led the rout. It fell as much as 8.7% for 144-point loss to lead the losers. Meituan lost 5.7% for 101-point loss. Tencent lost 3.25% for 102-point loss. AIA lost 2.8% for 83-point loss. HSBC lost 1.8% for 48-point loss. Crude oil fell. CNOOC lost 7.3% to become the second top loser. SAAS and Cathy Wood shares fell sharply. China Youzan lost 10.5%. Weimob lost 6.6%. PA Good Doctor lost 6.4%. Kuaisho lost 9%. Newborn Town lost 15%. Yeahka lost 11%. Hang Seng index fell to a low of 29826, down 806 points and closed down 586 points. H share index closed down 270 points and technology index down 809 points. Turnover was $179 billion.

The market fell further in the afternoon. Chinese funds flowed out of Hong Kong. Hang Seng index lost more than 1000 points and fell to a low of 29532, down 1100 points. The Financial Secretary announced 30% increase in stamp duty to 0.13%. The move triggered a selloff in Hong Kong market. HK Exchanges crashed 12% for 195-point loss. Meituan lost 7.5% for 133-point loss. AIA lost 3.3% for 104-point loss. Tencent lost 3.4% for 109-point loss. Local brokers fell sharply. Guotai Junan lost 8.4%. Haitong International lost 6.8%. Bright Smart lost 6.7%. SAAS and new energy shares fell sharply. China Youzan lost 11%. Weimob lost 9%. Yeahka lost 11%. Newborn Town lost 16%. Vobile lost 19%. GCL lost 13%. GCL NE lost 10%. Xinyin Solar lost 6.8%. Metals fell sharply. IMM lost 15%. Jiangxi Copper lost 11%. Chalco lost 7%. Zijin lost 8%. Auto stocks fell sharply. Geely lost 6.2%, BYD lost 7.7%. Great Wall dropped 6.4%. On the other hand, retailers rose. Sa Sa International rose 11%. Bonjour rose 8%. LH Group rose 6.4%. However, Chow Sang Sang lost 4%. Chow Tai Fook lost 6%. A shares closed down 2%. Shanghai composite index closed down 72 points. Hang Seng index closed down 914 points. H share index closed down 400 points and technology index down 502 points. Turnover was a record $353 billion.

Overnight, overseas markets rose. European markets rose. DAX rose 111 points. CAC rose 18 points and FTSE rose 33 points. US markets rose as Powell said inflation would still under control for the next three years. His talks tamed fear of inflation and interest rate rise. US markets rose. Dow Jones rose 424 points. S & P rose 44 points and Nasdaq rose 132 points. Hong Kong ADR’s rose 172 points. Night future rose 273 points. We expect the market to rebound today.  
 
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