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Market crashed more than 1000 points for the second consecutive day
The Hong Kong market continued to fall on Tuesday. Hang Seng index opened down 181 points, H share index down 87 points and technology index down 123 points. Technology stocks led...
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Market crashed more than 1000 points for the second consecutive day
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market continued to fall on Tuesday. Hang Seng index opened down 181 points, H share index down 87 points and technology index down 123 points. Technology stocks led the fall. Tencent lost 5% for 92-point loss. Alibaba lost 4.32% for 83-point loss. Wuxi Biologics lost 2.5% for 21-point loss. HK Exchanges lost 0;8% for 10-point loss. On the contrary, HSBC rose 1.53% for 30-point gain. Techtronic rose 2.3% to lead the gainers for 10-point gain. A shares opened up 1 point. The market rebounded after opening, as investors went bargain hunting. Hang Seng index turned from loss to gain 100 points. Financials led the rebound. HSBC rose 4% for 77-point gain. AIA rose 0.86% for 17-point gain. CCB rose 1.3% for 14-point gain. Industrial stocks rose. Techtronic rose 5..8% for 25-point gain. BYD rose 3.8% for 15-point gain. Geely rose 4% for 13-point gain. Semiconductors rose. SMIC rose 10%. Huahong rose 9.7%. Handset suppliers rose. Sunny Optical rose 3.9%. AAC rose 2.3%. Q-Tech rose 2%. Kingboard rose 1.95%. Kingboard Laminates rose 2.4%. Education shares rebounded. New Oriental rose 2.5%. Koolearn rose 4%. Scholar Education rose 7.97%. However, property management shares continued to fall. CG Services lost 3.2%. A Living lost 5.5%. Shimao Services lost 7.6%. The market fell sharply again in midmorning. Hang Seng index fell to a low of 25737, down 455 points. Meituan, Tencent and Alibaba led the fall. Hang Seng index closed the morning down 269 points, H share index down 153 points and technology index down 215 points. Turnover was $153.9 billion.

The market fell sharply in the afternoon. Hang Seng index lost a1000 points. Hang Seng index fell through 25000 points. Technology stocks fell sharply to drag down the market. Meituan lost 17% for 312-point loss. Tencent lost 10% for 185-point loss. Alibaba lost 8.9% for 171-point loss. AIA lost 4.8% for 104-point loss. HK Exchanges lost 6.4% for 84-point loss. Wuxi Biologics lost 9.4% for 82-point loss. Internet stocks fell sharply. Netease lost 14%. JD lost 8%. JD Health lost 21%. Ali Health lost 19%. Bili Bili lost 11%. However, SMIC rose as much as 11%. HSBC rose 2.95% for 57-point gain. CCB rose 1.84% for 23-point gain. Money flowed to banks and utilities. Market sentiment is risk off. Auto stocks that rose in the morning succumbed to selling pressure. Geely lost 1.7%. BYD lost 5.3%. Great Wall lost 6%. Metal stocks fell. Angang lost 7.5%. Maanshan Iron lost 5%. Chalco lost 7%. However, MMG issued positive profit alert. Share price rose 9.8%. Jiangxi Copper rose 3%. A shares closed down 2.5%. Shanghai composite index closed down 86 points. Hang Seng index fell to a low of 24749, down 1443 points and closed down points, H share index down points and technology index down points. Turnover was a record $350 billion.

Overnight, overseas markets followed Hong Kong market lower. DAX lost 100 points. CAC lost 46 point and FTSE lost 29 points. Technology stocks fell to drag down US markets. Dow Jones lost 85 points. S & P lost 21 points. Nasdaq fell 180 points. Hong Kong ADR’s lost 73 points. Night future rose 206 points. We expect the market to rebound today.
 
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