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Hong Kong shares fell for a sixth straight day.
The Hong Kong market opened slightly higher on Thursday. Hang Seng index opened up 49 points, H share index up 26 points and technology index up 19 points. HSBC lost 0.82% for 18-p...
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Hong Kong shares fell for a sixth straight day.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Thursday. Hang Seng index opened up 49 points, H share index up 26 points and technology index up 19 points. HSBC lost 0.82% for 18-point loss. On the contrary, Meituan rose 0.68% for 15-point gain. CCB rose 0.96% for 14-point gain. Haidilao lost 1.23% to become the top loser at opening. CSPC rose 1.48% to become the top gainer at opening. A shares opened down 0.17%. Shanghai composite index lost 6 points. The market rose further after opening. Hang Seng index rose more than 200 points. Meituan rose 4% for 90-point gain. BYD rose 7.5% for 27-point gain. Wuxi Biologics rose 1.88% for 17-point gain. Alibaba rose 1.35% for 28-point gain. Tencent rose 0.83% for 18-point gain. HK Exchanges rose 1.3% for 16-point gain. Xinyi Solar rose 1.93%. CSPC rose 3.13%. Galaxy rose 2.3%. Education shares rebounded. New Oriental rose 12%. Koolearn rose 5.6%. Scholar Education rose 6.8%. Shipping stocks rose again. Cosco Holdings rose 11.6%. Cosco Development rose 8%. OOIL rose 3.15%. Pacific Basin rose 10.7%. Shares that crashed Wednesday rebounded. FSE rose 8%. Feihe rose 2.2% on US$200 million share buyback. A shares closed the morning up 0.82%. Shanghai composite index closed up 29 points. Hang Seng index reached a high of 28954, up 212 points. The market retreated from morning high. Hang Seng index closed up 86 points, H share index up 32 points and technology index down 3points. Turnover was $69.9 billion.

The market was little changed in early afternoon. Hang Seng index gained about 100 points. Meituan rose 1.84% for 45-point gain. BYD rose 8.8% for 32-point gain. Xiaomi rose 1.97% for 18-point gain. Xinyi Solar rose 5.8%. Geely rose 3.7%. HSBC lost 1.13% for 28-point loss. Tencent lost 0.41% for 11-point loss. Sunny Optical lost 2.7% for 8-point loss. Shipping containers were in short supply. BDI rose. Related shares rose. CIMC rose 2.6%. CSSC Shipping rose 13%. Cosco Holdings rose 10.5%. Cosco Development rose 6%. Shares connected to Huawei’s Harmony OS rose. Chinasoft rose 17.6%. Sinosoft rose 5.4%. ZTE rose 2.2%. Solar energy shares rose. Flat Glass rose 11%. Comtec rose 16%. The market turned from gain to loss in late afternoon. HSBC, Tencent, Alibaba fell to drag down the market. HSBC lost 1.86% for 41-point loss. Alibaba lost 0.86% for 18-point loss. Tencent lost 0.75% for 16-point loss. Hang Seng index closed down 4 points, H share index up 11 points, and technology index down 9 points. Turnover was $134 billion.

Overnight, overseas markets were mixed. European markets had no direction. DAX lost 10 points. CAC lost 17 points, but FTSE rose 7 points. In the US, May CPI rose 5% over last year. However, investors believed the spike in CPI was only temporary. US markets rose. S & P set record high. Dow Jones rose 19 points. S & P rose 19 points. Nasdaq rose 108 points. Hong Kong ADR’s rose 47 points. Night future rose 133 points. We expect the market to rise today.  
 
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