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Morning session was cancelled due to Black Rain. Sports shoes shares were outstanding
The Hong Kong market’s morning session was cancelled due to Black Rain warning. A shares closed the morning down 0.11%. Shanghai composite index closed down 4 points. The mar...
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Morning session was cancelled due to Black Rain. Sports shoes shares were outstanding
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market’s morning session was cancelled due to Black Rain warning. A shares closed the morning down 0.11%. Shanghai composite index closed down 4 points. The market reopened in the afternoon. Hang Seng index opened up 107 points. Alibaba rose 3% for 64-point gain to lead the gainers. Meituan rose 1.76% for 46-point gain. Anta Sports rose 5.1% to become the top gainer for 21-point gain. BYD rose 2.97% for 12-point gain. Financials fell. Ping An lost 1.34% for 15-point loss. HSBC lost 1.34% for 14-point loss. CCB lost 0.85% for 12-point loss. AIA lost 0.46% for 10-point loss. Geely lost 2.7% for 9-point loss. MTR’s Tuen-Ma line opened. Share price rose 1.87%. The Hong Kong fluctuated between gain and loss within narrow ranges. New listing Norimatsu soared 3.3 times on its trading debut, becoming the best performing listing in 2021. Sportswear shares surged. Anta Sports rose 5.2%. Lining rose 16%. Xtep rose 11%. China Dongxiang rose 13%. Topsports rose 3.6%. The Government planned to increase electricity tariffs for consumers. Power generators rose. CR Power rose 6.6%. Huaneng rose 3.3%. Datang rose 3.8%. The price of thermal coal fell. Coal miners fell sharply. China Coal lost 5.6%. Yanzhou Coal lost 4.9%. China Shenhua lost 3%. Solar energy shares fell. Xinyi Solar lost 2.2% to lead the losers. Solar Giga lost 2.5%. Comtec lost 3.3%. Mainland developers were weak. Longfor Group lost 1.56%. Country Garden lost 1.55%. CR Land lost 1.5%. Metal stocks fell. Steelmakers fell. Angang lost 2.2%. Maanshan Iron lost 3.1%. Chongqing Iron lost 5.5%. Non-ferrous metals fell. Jiangxi Copper lost 1.7%. Chalco lost 0.7%. MMG lost 5.2%. Junshi Biopharm share price fell as much as 10%, as its PDL2 clinical trials was stopped by FDA. On the contrary, Innovent Biopharm’s PD-1 clinical trial for liver cancer treatment was granted permission by the Chinese authorities. Share price rose 5%. A shares closed down 0.03%. Shanghai composite index closed down 1 point. Hang Seng index opened at 29395, up 107 points, which was the peak of the day; and fell to a low of 29209, down 79 points. Hang Seng index closed down 20 points. H share index closed down 15 points and technology index up 41points. Half day turnover was $101.6 billion.

Overnight, overseas markets were mixed. European markets fell. DAX lost 53 points. CAC lost 64 points and FTSE lost 6 points. US markets were mixed. Traditional stocks Chevron and Boeing dragged down the Dow. Dow Jones closed down 150 points. However, technology stocks rose. S & P rosed 10 point and Nasdaq rose 140 points. Both S & P and Nasdaq set record closing highs. Hong Kong ADR’s lost 27 points. Night future rose 61 points. We expect the market to fall today.
 
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