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The Government issued new orders to tighten control of 23cthe internet and education sectors. Hong Kong market crashed in July.
The Hong Kong market fell back on Friday. Hang Seng index opened down 272 points, H share index down 128 points and technology index down 134 points. Technology shares led the fall...
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The Government issued new orders to tighten control of 23cthe internet and education sectors. Hong Kong market crashed in July.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/08/02 09:08
The Hong Kong market fell back on Friday. Hang Seng index opened down 272 points, H share index down 128 points and technology index down 134 points. Technology shares led the fall. Meituan lost 4.1% to lead the losers at opening for 73-point loss. Alibaba lost 3.5% for 69-point loss. HK Exchanges lost 1.28% for 17-oint loss. On the contrary, AIA rose 2.66% for 57-point gain. A shares opened down 0.71%. Shanghai composite index opened down 25 points. The market fell sharply after opening as technology stocks fell further. Alibaba lost 4.5% for 89-point loss. Meituan lost 5.5% for 98-point loss. Tencent lost 3% for 56-point loss. Ali Health lost 9.8% and Haidilao lost 8.4% to become the top losers. JD Health lost 11.6%. Shabu Shabu lost 5%. Education shares fell again. Scholar Education lost 16.3%. New Oriental lost 9.3%. Koolearn lost 9.6%. Internet stocks fell. XD lost 10%. Bili Bili lost 8.8%. Kuaishou lost 8.7%. Auto and battery stocks rose against the market. Geely rose 2.9%. BYD rose 3.5%. Chaowei Power rose 50%. Gongfeng Lithium rose 1.55%. Tianneng Power rose 15.9%. Dongyue rose 13%. The market fell further in late morning. Hang Seng index lost more than 500 points. Meituan lost 8% for 143-point loss. Alibaba lost 5.1% for 102-point loss. A shares closed the morning down 18 points. Hang Seng index closed down 553 points, H share index down 273 points and technology index down 294 points. Turnover was $97.1 billion.

The market fell further in the afternoon, with Hang Seng index falling more than 600 points. It reached a low of 25637, down 678 points. Technology stocks led the fall. Tencent lost 5.1% for 100-point loss. Alibaba lost 5.4% for 107-point loss. Meituan lost 9.3% for 165-point loss. On the contrary, AIA rose 1.25% for 27-point gain. BYD rose 2.25% for 10-point gain. WH Group announced share buyback. Share price rose 3.54% to lead the blue chips. Mainland developers fell sharply. Longfor lost 8.67% to lead the losers. CR Land lost 7%. China Overseas Land lost 4.45%. Beer stocks fell sharply. Budweiser lost 2.9%. CR Beer lost 7%. Tsingtao Beer lost 8.8%. The market rebounded in midafternoon. A shares closed down 14 points. Hang Seng index recovered 200 points to fall about 300 points. Tencent, Meituan and Alibaba rose from intraday lows. Hang Seng index closed down 354 points, H share index down 178 points and technology index down 182 points. Turnover was $189.6 billion. For the month of July, Hang Seng index lost 2867 points. H share index lost 1430 points and technology index lost 1374 points. The Government tried to control the internet and education sectors. Consequently, Hong Kong stocks fell sharply in July.

Over last Friday night, overseas markets fell. DAX lost 96 points. CAC lost 21 points and FTSE lost 46 points. US markets fell for the second straight day. Dow Jones lost 149 points. S & P lost 24 points and Nasdaq lost 105 points. Hong Kong ADR’s lost 4 points in New York. Night future lost 41 points. We expect the market to rebound today.  
 
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