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The market fell sharply on the first day of the second quarter.
The Hong Kong market opened up narrowly and mixed. Hang Seng index opened up 31 points, H share index down 1 point and technology index down 17 points. Tencent rose 2.5% for 54-poi...
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The market fell sharply on the first day of the second quarter.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/07/05 09:07
The Hong Kong market opened up narrowly and mixed. Hang Seng index opened up 31 points, H share index down 1 point and technology index down 17 points. Tencent rose 2.5% for 54-point gain. Wuxi Biologics rose 2.4% for 25-point gain. AIA rose 0.73% for 16-point gain. However, Alibaba lost 1.73% for 38-point loss. Meituan lost 0.38% for 17-point loss. BYD lost 2.84% for 12-point loss. Xinyi Solar lost 5.6% to become the top loser at opening. For 10-point loss. A shares opened down 0.53%. Shanghai composite index opened down 19 points. Oil stocks rose against the market. Petrochina rose 3.17%. CNOOC rose 2.5%. Sinopec rose 0.8%. The market fell sharply after opening, as technology stocks fell sharply. The top four technology stocks led the market’s fall. Hang Seng index lost more than 500 points at the lowest level. Auto stocks fell sharply. Geely lost 3.3%. BYD lost 4.65%. Solar energy stocks fell. Xinyi Solar lost 6.6%. Solargiga lost 5.6%. Flat Glass lost 5.15%. Heavyweights Meituan lost 4.25% for 108-point loss. Alibaba lost 3.9% for 86-point loss. Xiaomi lost 3.9% for 36-point loss. Tencent lost 1.3% for 29-point loss. A shares closed the morning down 1.58%. Shanghai composite index closed down 58 points. Hang Seng index fell to a low of 28311, down 517 points and closed down 462 points. H share index closed down 222 points and technology index down 250 points. Turnover was $94.6 billion.

In the afternoon, the market fell further as Hang Seng index lost more than 500 points. Meituan lost 4.6% for 114-point loss. Alibaba lost 3.8% for 84-point loss. Xiaomi lost 3.15% for 30-point loss. Tencent lost 1.45% for 32-point loss. AIA lost 1.24% for 28-point loss. HK Exchanges lost 1.68% for 21-point loss. Xinyi Solar lost 9.9% to lead the losers. Geely lost 5.1%. BYD lost 4.2%. Sunny Optical lost 4.8%. Education shares fell sharply. China East Education lost 9%. Mapleleaf Education lost 7.6%. New Oriental lost 7.1%. Scholar Education lost 8.2%. SAAS shares fell sharply. XD lost 8.9%. Weimob lost 6.7%. Yeahka lost 5.4%. China Youzan lost 5.4%. The packaging paper industry stands to benefit from the Government’s clean energy policy. Packing paper manufacturers rose sharply. ND Paper rose 11.6%. Lee & Man Paper rose 12%. A shares closed down 1.95%. Shanghai composite index closed down 70 points. Hang Seng index fell to a low of 28232, down 596 points and closed down 518 points, H share index down 248 points and technology index down 263 points. Turnover was $175.9 billion.

Last Friday night, overseas markets were mixed. DAX rose 46 points. However, CAC lost 1 point and FTSE lost 2 points. The US economy added more non-farm payroll in June. US markets rose. Dow Jones rose 153 points. S & P rose 32 to set 6 consecutive record highs. Nasdaq rose 117 points. The Chinese Government Agency for internet issued stop operating order for Didi, whose share price crashed 10% last Friday in US. Hong Kong ADR’s lost 7 points. Night future rose 171 points. We expect the market to fall today.  
 
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