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Hong Kong stocks opened higher but then fell sharply lower.
The Hong Kong market opened higher on Monday. Hang Seng index opened up 104 points, H share index up 34 points and technology index up 45 points. Technology stocks led the rally. A...
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Hong Kong stocks opened higher but then fell sharply lower.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/06/16 09:08
The Hong Kong market opened higher on Monday. Hang Seng index opened up 104 points, H share index up 34 points and technology index up 45 points. Technology stocks led the rally. Alibaba rose 2.14% for 44-point gain. Tencent rose 1.51% for 34-point gain. HSBC rose 0.53% for 11-point gain. Mainland banks fell. CCB lost 0.8% for 11-point loss. ICBC lost 0.6% for 5-point loss. BOCHK lost 2% to lead the losers at opening. BYD rose 2.15% to lead the gainers at opening. A shares opened flat. Shanghai composite index lost less than 1 point. The market turned sharply from gain to loss. A shares fell 1% for 37-point loss. Hong Kong shares followed A shares lower. Meituan lost 2.34% for 55-point loss. Wuxi Biologics lost 3.6% for 33-point loss. AIA lost 1.3% for 29-point loss. CCB lost 1.43% for 21-point loss. Ping An lost 1.92% for 21-point loss. Xiaomi will cooperate with BYD to produce electric cars. BYD rose 4%. AAC rose 1.82%. However, Xiaomi lost 2.13%. Oil stocks rose. Petrochina rose 1.12%. Sinopec rose 0.7%. Haidilao lost 6.5%; Techtronic lost 4.55% and Xinyi Solar lost 3.7% to become the top three losers. EC Healthcare acquired veterinarian business. Share price soared 13%. C-Mer Eye rose 13.7%. Xtep soared 26%, as Kaolink Capital invested $1 billion in its subsidiary businesses. A shares closed the morning down 0.9%. Shanghai composite index closed down 32 points. Hang Seng index closed down 219 points; H share index down 94 points, and technology index down 50 points. Turnover was $85.7 billion.

The market recovered slightly in the afternoon. Hang Seng index lost more than 100 points. AIA lost 1.67% for 37-point gain. Wuxi Biologics lost 2.9% for 27-point loss. Meituan lost 1.1% for 25-point loss. CCB lost 1.28% for 19-point loss. China Gas has 85% share of the Hubei city gas supply that exploded over the weekend. Share price crashed 14.5% before suspension. Country Garden lost 3.55% to top the losers. China Overseas Land lost 2.33%. CR Land lost 1.4%. BYD rose 5% to become the top gainer for 19-point gain. Alibaba rose 0.68% for 14-point gain. Sunny Optical rose 4% for 12-point gain. Tencent rose 0.5% for 11-point gain. Geely rose 3.85% for 11-point gain. Shipping stocks rose. Cosco Holdings rose 2.7%. OOIL rose 2.75%. Pacific Basin rose 1.9%. C Mer Eye rose 28%; Xtep rose 21%. A shares closed down 0.92%. Shanghai composite index closed down 33 points. Hang Seng index closed down 204 points; H share index down 82 points and technology index down 52 points. Turnover was $143.7billion.

Overnight, overseas markets were mixed. European markets rose. DAX rose 56 points. CAC rose 23 points and FTSE rose 26 points. US markets fell from historic highs. Dow Jones lost 94 points. S & P lost 8 points and Nasdaq lost 101 points. Hong Kong ADR’s lost 55 points and night future lost 46 points. We expect the market to rebound today.  
 
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