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Medical stocks crashed on tighter government regulations.
The Hong Kong market opened sharply lower on Tuesday. Hang Seng index opened down 6 points, H share index down 2 points and technology index down 11 points. Oil stocks rose. Petroc...
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Medical stocks crashed on tighter government regulations.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/07/07 09:08
The Hong Kong market opened sharply lower on Tuesday. Hang Seng index opened down 6 points, H share index down 2 points and technology index down 11 points. Oil stocks rose. Petrochina rose 1.56% to lead the gainers. Shenzhou International lost 1.13% to lead the losers. The market turned from loss to gain for a moment right after opening. Hang Seng index actually gained 7 points. BYD rose 2.2% as it reported strong sales. Cosco Holdings rose 5.8%. Sisram Asmed rose 6% as 2021 profit increased 1.9 times. Then, the selling started. Medical shares bore the brunt of the selling. The Government started consultation to control the profit made by pharmaceutical companies. Pharmaceutical and medical services shares fell sharply. Wuxi Biologics lost 12% for 123-point loss. Ali Health lost 6%. CSPC lost 7%. Sino Biopharm lost 4%. Innovent lost 7%. Industrial stocks fell. Sunny Optical lost 3.8%. BYD lost 2%. However, financials rose. Ping An rose 1.56% for 16-point gain. HK Exchanges rose 1.4% for 16-point gain. Tencent rose 0.45% for 9-point gain. HSBC rose 0.44% for 7-point gain. A shares closed the morning down 19 points. Hang Seng index fell to a low of 27904, down 239 points and closed down 163 points. H share index closed down 3 points and technology index down 105 points. Turnover was $76.5 billion.

The market remained in negative territory in the afternoon. Hang Seng index lost more than 100 points. Medical and industrial stocks fell. Wuxi Biologics lost 8.6% for 88-point loss. BYD lost 4.8% for 21-point loss. Sunny Optical lost 5.1% for 20-point loss. Meituan lost 0.7% for 17-point loss. Xiaomi lost 1.54% for 14-point loss. Financials and Tencent rose. HK Exchanges rose 1.75% for 21-point gain. Ping An rose 1.5% for 15-point gain. HSBC rose 0.55% for 11-point gain. Tencent rose 0.36% for 7-point gain. The market rebounded in midafternoon, as China and Hong Kong recovered. Technology stocks led the rebound. Alibaba rose 1.1% for 24-point gain. Meituan rose 1% for 23-point gain. In addition, financials rose. HK Ex rose 2.2% for 26-point gain. HSBC rose 0.77% for 16-point gain. Ping An rose 1.42% for 14-point gain. Medical stocks also rose from morning lows. Hang Seng index lost under 100 points. A shares closed down 0.11%. Shanghai composite index closed down 4 points. Hang Seng index closed down 70 points. H share index closed 9 down points and Technology index down 65 points. Turnover was $144.9 billion.

Overnight, overseas markets fell broadly. European markets lost under 1%. DAX lost 150 points. CAC lost 60 points and FTSE lost 64 points. US markets first rose but fell at the close. Dow Jones lost 209 points. S & P lost 9 points. However, Nasdaq rose 24 points as Apple rose sharply on upgrade. Chinese internet stocks fell sharply. DIDI lost 20% on Chinese Government sanction. Hong Kong ADR’s lost 220 points. Night future lost 165 points. We expect the market to fall today.  
 
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