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Meituan crashed and brought down the market.
The market opened higher on Monday. Hang Seng index opened up 166 points, H share index up 67 points and technology index up 32 points. Financials led the rally. CCB rose 1.44% for...
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Meituan crashed and brought down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/05/11 09:03
The market opened higher on Monday. Hang Seng index opened up 166 points, H share index up 67 points and technology index up 32 points. Financials led the rally. CCB rose 1.44% for 23-point gain. HSBC rose 0.5% for 12-point gain. AIA rose 0.5% for 14-point gain. ICBC rose 0.8% for 8-point gain. Sino Biopharm rose 5% to lead the gainers. Xiaomi rose 2.2% for 19-point gain. Tencent rose 0.83% for 22-point gain. A shares opened up 2 points. The market rose sharply after opening, as Hang Seng index reached a high of 28841, up 231 points. AliHealth rose 3.7%. Wuxi Biologics rose 3.7%. Vaccine shares soared. Fosun Pharma rose 15%. Cansino rose 4%. Sinopharm rose 7.8%. Resources stocks rose. Oils rose. Petrochina rose 2.9%. Sinopec rose 2.4%. CNOOC rose 2.2%. Non-ferrous metals rose. Jiangxi Copper rose 5.7%. Chalco rose 4.6%. MMG rose 7.7%. Shipping stocks rose. Cosco Holdings rose 6.2%. Cosco Development rose 6.3%. Pacific Basin rose 4.5%. The market could not hold on to its gain and retreated as technology stocks fell. Meituan crashed 8.1% for 111-point loss. Alibaba lost 1.9% for 32-point loss. Tencent lost 0.83% for 22-point loss. Hang Seng index fell to a low of 28454, down 156 points, and closed down 93 points. H share index closed down 62 points, and technology index down 71 points. Turnover was $88.3 billion. A shares closed up 2 points.

The market was little changed in early afternoon. Hang Seng index lost more than 100 points. Technology stocks led the fall. Meituan lost 8.5% for 116-point loss. Alibaba lost 2.3% for 38-point loss. Tencent lost 0.92% for 24-point loss. Anta Sports lost 4.1% for 15-point loss. On the contrary, CNOOC rose 3.44% for 12-point gain. Wuxi Biologics rose 1.4% for 11-point gain. CCB rose 0.5% for 7-point gain. Resources stocks rose sharply. Non-ferrous metals soared. Jiangxi Copper rose 8.9%. Chalco rose 9.9%. MMG rose 9.9%. Steelmakers rose sharply. Angang Steel rose 5.65%. Maanshan Iron rose 13%. China Oriental rose 13%. IRC rose 24%. Coal miners rose. China Coal rose 5.5%. Yanzhou Coal rose 7%. Shenhua rose 5.7%. SAAS shares were mixed. Newborn Town clarified the report that it had entered into partnership with Byte Dance was not true. Share price crashed 14.8%. Bili Bili lost 3.2%. Weimob lost 1.7%. China Youzan lost 1.8%. However, Ming Yuan Cloud rose 12%. Vobile rose 2.24%. Yeahka rose 1.3%. Q-Tech reported 19% increase in delivery of camera modules in April. Yet share price fell 5.5%. A shares closed up 0.267%. Shanghai composite index closed up 9 points. Hang Seng index closed down 15 points, H share index down 48 points, and technology index down 68 points. Turnover was $163.5 billion.

Overnight, overseas markets mostly fell. European markets were range bound. DAX rose less than 1 point. CAC lost 10 points and FTSE lost 6 points. US markets rose first but closed lower. Dow Jones set record high before closing down 35 points. S & P closed down 44 points. Leading technology shares fell sharply. Nasdaq closed down 350 points. Hong Kong ADR’s lost 125 points. Night future lost 183 points. We expect the market to fall today.  
 
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