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Policy risks caused the Hong Kong market to crash.
The Hong Kong market was hit by Government education policy and anti-monopoly punishment for Tencent music. The market fell sharply on Monday. Hang Seng index opened down 496 point...
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Policy risks caused the Hong Kong market to crash.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/07/27 09:17
The Hong Kong market was hit by Government education policy and anti-monopoly punishment for Tencent music. The market fell sharply on Monday. Hang Seng index opened down 496 points, H share index down 193 points and technology index down 230 points. Technology stocks led the fall. Meituan opened down 5.12% for 109-point fall. Tencent lost 3.95% for 78-point fall. Alibaba lost 2.92% for 60-point fall. AIA lost 2% for 44-point fall Wuxi Biologics lost 3.62% for 35-point gain. HK Exchanges lost 1.92% for 26-point fall. Haidilao lost 11.4% to lead the losers at opening. A shares opened down 12 points. The market fell further after opening. Hang Seng index lost more than 800 points. Meituan, Tencent and Alibaba combined to cause 400-point fall. Meituan lost 7.8% for 167-point fall. Tencent lost 6.7% for 132-point fall. Alibaba lost 4.9% for 102-point fall. Education fell the most due to Government policy forbidding private sector to engage in tutoring for profit. New Oriental Education lost 37%. Koolearn lost 32%. Scholar Eduction lost 41%. Beststudy Education lost 36%. However, new energy and auto stocks rose. Gongfeng Lithium rose 3.3%. Xinyi Solar rose 2%. BYD rose 1%. Geely rose 3.8%. Great Wall rose 3.3%. Internet stocks followed leaders to fall sharply. Bili Bili lost 12%. Netease lost 10%. JD lost 6%. Ming Yuan Cloud lost 9%. Yeahka lost 8.8%. Weimob lost 8.3%. Kuaishou lost 8%. A shares closed the morning down 2.18%. Shanghai composite index lost 77 points. Hang Seng index fell to a low of 26474, down 848 points and closed down 795 points. H share index closed down 360 points and technology index down 414 points. Turnover was $129.4 billion.

The market fell further in the afternoon. Hang Seng index lost more than 900 points. Meituan lost 10% for 223-point loss. Tencent lost 7.6% for 152-point loss. Alibaba lost 5. 6% for 114-point loss. Policy risks hurt market sentiment. Investors sold off high valuation shares. Property management and pharmaceutical shares fell sharply. Shimao Services lost 20%. Sunac Services lost 15%. Times Neighhour lost 14%. CG Services lost 14.9%. CR Mix lost 14.8%. Medical services shares fell sharply. AK Medical lost 22%. Chunli Medical lost 13%. JXR lost 10%. Medical beauty shares fell. Sisram Medical lost 14%. Raily Asmed lost 11%. Shihuan Pharm lost 12%. CMS lost 6%. Vincent Medical issued profit warning. Share price fell 19%. CRO service providers shares also fell sharply. Wuxi Biologics lost 9.3%. Wuxi Apptec lost 8.6%. Alphamab lost 13%. Brokers stopped margin financing for Evergrande list of companies. China Evergrande lost 6.75%. Evergrande Vehicle lost 8.6%. Evergrande Service lost 9.9%. Online game shares fell sharply. Idreamsky lost 18%. CMGE lost 7.3%. Netdragon lost 5.55%. IGG lost 5%. Semiconductor shares rose against the market. SMIC rose 9%. Huahong rose 7%. A shares closed down 2.34%. Shanghai composite index closed down 83 points. Hang Seng index fell to a low of 26327, down 995 points and closed down points. H share index closed down points, technology index down points. Turnover was $ billion.

Overnight overseas markets were mixed. European markets had no direction. DAX lost 50 points. FTSE lost 2 points but CAC rose 10 points. Strong corporate earnings drove up US markets, which set record highs. Dow Jones rose 82 points. S & P rose 10 points and Nasdaq rose 4 points. Hong Kong ADR’s lost 206 points. Night future rose 1 point. We expect the market to fall today.
 
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