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President Biden extended the blacklist for Chinese companies to 59.
The market opened higher on Thursday. Hang Seng index opened up 67 points; H share index rose 2 point but technology index fell 7 points. HSBC rose 0.92% for 22-point gain. AIA ros...
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President Biden extended the blacklist for Chinese companies to 59.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Thursday. Hang Seng index opened up 67 points; H share index rose 2 point but technology index fell 7 points. HSBC rose 0.92% for 22-point gain. AIA rose 0.55% for 15-point gain. HK Exchanges rose 0.7% for 10-point gain. Alibaba lost 0.3% for 5-point loss. Geely rose 2.1% to lead the blue chips. A shares opened up 0.05%. Shanghai composite index rose 1.7 point. The market rose after opening due to strength in financials. AIA rose 1.16% for 30-point gain. HSBC rose 1% for 24-point gain. CNOOC rose 2.1% for 8-point gain. Xiaomi rose 1.2% for 13-point gain. On the contrary, Tencent lost 0.8% for 22-point loss. Alibaba lost 1.2% for 21-point loss. Meituan lost 1.15% for 13-point loss. AAC rose 5.5% to become the top gainer. Razer’s chairmand and chief executive sold shares. Share price fell 9.2%. Shandong Moolong crashed 17% as its former chairman and executive direction were investigated for misleading statements. Meituan, Xiaomi, CSPC and AAC were the top 4 gainers. Meituan rose 2.44% for 37-point gain. However, AIA, Alibaba, Ping An, and CCB fell to bring down the market. At morning’s close, Hang Seng index lost 178 points; H share index closed down 35 points but technology index up 21 points. Turnover was $68.2 billion.

The market was little changed in early afternoon. Technology and financial stocks led the fall. Tencent lost 1.27% for 37-point loss. CCB lost 1.58% for 25-point loss. Alibaba lost 1.12% for 18-point loss. AIA lost 0.65% for 18-point loss. Xiaomi rose 2.4% for 27-point gain. Handset suppliers rose. AAC rose 6.35% to lead the blue chips. Cowell rose 3.6%. ZTE rpse 6%. Comba Telecom rose 8.7%. China Tower rose 5.7%. Steelmakers rose. Angang Steel rose 2.9%. Maanshan Iron rose 3.3%. Chongqing Iron rose 6.6%. Education shares continued to fall. New Oriental lost 7.35%. Koolearn lost 7.3%. China Education lost 2.4%. Local developers fell. Hang Lung lost 1.92%. SHK Property lost 1.74%. New World lost 1.6%. Beauty medical shares rose. EC Healthcare rose 6%. Sisram Medical rose 5.5%. Sihuan Pharm rose 6.7%. The market fell further in the afternoon. Hang Seng index lost more than 200 points. Tencent lost 2.3% for 64-point loss. AIA lost 1.4% for 39-point loss. HK Exchanges lost 2.5% for 33-oint loss. CCB lost 1.74% for 27-point loss. Alibaba lost 1.96% for 32-point loss. Hang Seng index closed down 332 points, H share index 125 points and technology index down 71 points. Turnover was $138.9 billion.

Overnight, overseas markets were mixed. DAX rose 30 points but FTSE lost 43 points. Technology stocks dragged down US markets. Dow Jones lost 23 points. S & P lost 15 points. Nasdaq lost 141 points. Hong Kong ADR’s lost 12 points. Night future lost 48 points. President Biden extended the blacklist of Chinese enterprises to 59. US citizens cannot invest in these company. We expect the market to fall today.
 
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