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US April CPI soared 4.2% from last year, much worse than expected.
US markets fell sharply on Wednesday night. Hong Kong market followed to trade lower on Thursday. Hang Seng index opened down 311 points, H share index down 141 points and technolo...
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US April CPI soared 4.2% from last year, much worse than expected.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/05/14 09:11
US markets fell sharply on Wednesday night. Hong Kong market followed to trade lower on Thursday. Hang Seng index opened down 311 points, H share index down 141 points and technology index down 162 points. Meituan lost 3% for 37-point loss. Alibaba lost 2% for 26-point loss. Tencent lost 0.92% for 24-point loss. Techtronic lost 4.24% to top the losers for 23-point loss. AIA lost 0.82% for 23-point loss. A shares opened down 0.92%. Shanghai composite index lost 30 points. Exporters fell the most. Techtronic lost 4.24%. Shenzhou International lost 4.28%. Sunny Optical lost 3.3%. Evergrande Vehicle’s controlling shareholder sold down shares. Share price fell 10%. However, Mengniu placed shares at the top of the price range. Share price rose 3% to lead the blue chips. Oil stocks rose on higher oil prices. CNOOC rose 1.25%. Petrochina rose 0.96% and Sinopec rose 0.24%. Goodbaby reported strong first quarter sales. Share price rose 12% at the highest. Second line technology stocks were mixed. China Youzan rose 4.4%. Weimob rose 3.3%. However, Shabu Shabu lost 5.5%. Kuaishou lost 5.3%. Baidu lost 3%. XD lost 3.5%. JD lost 3.2%. Metals suffered from profit taking. Steel shares fell sharply. Chongqing Iron lost 6.7%. Angang lost 4.4%. Maanshan Iron lost 2.7%. Non-ferrous metals likewise fell to profit taking. Jiangxi Copper lost 6.8%. Zijin lost 4.5%. Luoyang Moly lost 5.2%. MMG lost 4%. Paper shares rose. ND Paper rose 6%. Lee & Man Paper rose 3%. Shipping stocks continued to rise. Cosco Holdings rose 2.2%. OOIL rose 1.65%. Pacific Basin rose 2.15%. Pharmaceutical shares rose against the market. CSPC rose 2%. Sino Biopharm rose 1.7%. A shares closed the morning down 0.74%. Shanghai composite index closed down 25 points. Hang Seng index closed the morning down 260 points, H share index down 122 points and technology index down 170 points. Turnover was $98.8 billion.

The market fell further in the afternoon. Hang Seng index lost more than 400 points. Tencent lost 2.4% for 65-point loss. Techtronic lost 7.9% for 43-point loss. AIA lost 1.40% for 40-point loss. Xiaomi lost 2.68% for 29-point loss. Alibaba lost 1.7% for 22-point loss. On the contrary, Mengniu rose 4.4% to lead the gainers for 12-point gain. Auto stocks fell. Evergrande Vehicle lost 8.4%, as major shareholder reduced holding. Geely lost 3.3%. BYD lost 4.3%. Great Wall lost 2.7%. Handset suppliers fell. Sunny Optical lost 2.9%. AAC lost 1%. Macau gaming stocks fell. Sands lost 2.8%. Galaxy lost 2.3%. Resources fell to profit taking. Steelmakers fell sharply. Angang lost 7%. Chongqing Iron lost 8.1%. Maanshan lost 6%. IRC crashed 15.5%. Non-ferrous metals fell. Jiangxi Copper lost 6.7%. Chalco lost 6.35%. Zijin lost 5.3%. A shares closed down 0.92%. Shanghai composite index closed down 32 points. Hang Seng index closed at 27718, the lowest level of the day, down 512 points, H share index closed down 216 points, and technology index down 261 points. Turnover was $163.5 billion.

Overnight, overseas markets rebounded. Investors went bargain hunting. DAX rose 49 points; CAC rose 9 points. However, FTSE lost 41 points. US markets rebounded after three days of sharp decline. Dow Jones rose 433 points. S & P rose 49 points. Nasdaq rose 93 points. Hong Kong ADR’s lost 14 points. Night future rose 196 points. We expect the market to fall today, due to Alibaba’s reporting quarterly loss.  
 
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