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Hong Kong market fell sharply due to policy risk.
The Hong Kong market opened slightly higher last Friday. Blue chips were range bound. Hang Seng index opened up 17 points, H share index up 17 points and technology index up 5 poin...
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Hong Kong market fell sharply due to policy risk.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/07/26 09:09
The Hong Kong market opened slightly higher last Friday. Blue chips were range bound. Hang Seng index opened up 17 points, H share index up 17 points and technology index up 5 points. Alibaba rose 0.67% for 14-point gain. AIA lost 0.62% for 14-point loss. HSBC lost 0.69% for 14-point loss. A shares opened down 3 points. The market turned from gain to loss after opening. Hang Seng index lost more than 200 points. Meituan lost 2.9% for 64-point loss. Wuxi Biologics lost 3.74% for 37-point loss. HK Exchanges lost 2.3% for 33-point loss. AIA lost 1.34% for 29-point loss. HSBC lost 1.4% for 27-point loss. The Olympics opened on Friday. Yet, sports shoes shares fell sharply. Anta Sports lost 4.89% to top the losers for 20-point loss. Lining lost 7.5%. Xtep lost 8.45%. Viva lost 8.4%. The Chinese Government was reported readily to fine Didi heavily. Internet stocks fell sharply. Kuaishou lost 9%. Bili Bili lost 8.3%. China Youzan lost 4.2%. Weimob lost 3.1%. Auto stocks rose. BYD rose 3.5% to lead the blue chips for 14-point gain. Great Wall rose 2.5%. Geely rose 0.8%. China Mobile was the official designated 5G service supplier for the animated exhibition. Share price rose 1.5% for 10-point gain. Gold miners rose. Zijin rose 5%. China Gold rose 2.7%. Zhaojin rose 1.2%. A shares closed down 0.65%. Shanghai composite index closed down 23 points. Hang Seng index fell to a low of 27400, down 324 points, and closed the morning down 275 points. H share index closed down 103 points, and technology index closed down 164 points. Turnover was $69.5 billion.

The market was little changed in early afternoon. Hang Seng index lost about 300 points. HK Exchanges lost 3.9% for 55-point loss. Meituan lost 1.93% for 42-point loss. Tencent lost 1.86% for 37-point loss. Xiaomi lost 3.3% for 32-point loss. Anta Sports lost 5.34% for 22-point loss. Haidilao lost 5.3% to lead the losers. BYD rose 2.4% to lead the gainers for 10-point gain. Mainland developers rose. China Overseas Land rose 2.1%. CR Land rose 0.64%. However, China Evergrande lost 6.5%. Evergrande Vehicle lost 6%. Evergrande Property lost 4.3%. Education shares fell sharply again. New Oriental lost 50%. Scholar Education lost 28%. Koolearn lost 28%. Medical beauty shares fell. Sisram Medical lost 8.25%. EC Health lost 6.4%. Raily Asmed lost 3.8%. Handset suppliers fell. Sunny Optical lost 4.4%. AAC lost 3.1%. Q-Tech lost 4.1%. The market fell further in midafternoon. Hang Seng index lost 500 points. HK Exchanges lost 4.6% for 66-point loss. Meituan lost 2.8% for 61-point loss. A shares closed down 24 points. Hang Seng index fell to a low of 27222, down 502 points and closed down 402 points, H share index down 168 points and technology index down 223 points. Turnover was $139.6 billion.

Overnight, overseas markets rose on strong corporate earnings. DAX rose 154 points. CAC rose 87 points and FTSE rose 59 points. Dow Jones rose 238 points. S & P rose 44 points and Nasdaq rose 152 points. Hong Kong ADR’s lost 276 points. Night future lost 212 points. We expect the market to fall sharply.  
 
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