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Technology and financial stocks fell sharply. Hong Kong market crashed.
The Hong Kong market opened slightly lower on Thursday. Hang Seng index opened down 79 points, H share index down 9 points and technology index down 17points. Tencent’s inte...
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Technology and financial stocks fell sharply. Hong Kong market crashed.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/08/20 09:13
The Hong Kong market opened slightly lower on Thursday. Hang Seng index opened down 79 points, H share index down 9 points and technology index down 17points. Tencent’s interim results were better than expected. Share price rose 2.7% for 44-point gain. Sino Biopharm announced that interim profit would increase more than 5 times because of increased vaccine sales. Share price soared 8.5% to lead the blue chips for 13-point gain. Geely rose 3.6% for 12-point gain. On the contrary, Alibaba lost 1.75% for 30-point loss. Techtronic lost 1.9% for 10-point loss. A shares opened down 0.29%. Shanghai composite index opened down 10 points. The market fell sharply after opening. Technology and financial stocks led the fall. Hang Seng index lost more than 500 points at one point. Meituan lost 6.5% for 120-point loss. Alibaba lost 4.2% for 72-point loss. Ping An lost 3.97% for 37-point loss. HK Exchanges lost 2.53% for 32-point loss. HSBC lost 1.53% for 30-point loss. CCB lost 1.6% for 21-point loss. China Feihe reported 1.2 time increase in interim profit. Share price rose as much as 10%. A shares closed the morning down 0.71%. Shanghai composite index closed down 25 points. Hang Seng index fell to a low of 25348, down 519 points, and closed the morning down 441 points. H share index closed down 165 points, and technology index down 85 points. Turnover was $82.3 billion.

The market was little changed in the afternoon. Hang Seng index lost about 400 points. Technology and financial stocks led the fall. Meituan lost 4.675% for 79-point loss. Alibaba lost 3.96% for 68-point loss. Ping An lost 3.75% for 36-point loss. HK Exchanges lost 2% for 26-point loss. On the contrary, Wuxi Biologics rose 2.85% for 24-point gain. Techtronic rose 2.7% for 14-point gain. Anta Sports rose 2.74% for 10-point gain. Auto stocks rose against the market. BYD rose 2.5% for 12-point gain. Geely rose 3.05% for 10-point gain. Gengfeng Lithium rose 5.7%. XPeng rose 2%. Great Wall Motor rose 4.3%. Samsonite reported better-than-expected interim loss. Share price soared 10%. Dongyue Group rose 6.6%. Shenyang announced higher liquidity requirement for property developers in bidding for land. Mainland developers fell across the board. Country Garden lost 4.5%. Longfor lost 3.4%. China Overseas Land lost 3.3%. China Evergrande lost 4.2%. Sunac lost 4.8%. A shares closed down 0.57%. Shanghai composite index closed down 20 points. The market fell further in the afternoon. Hang Seng index fell to a low of 25188, down 679 points and close down 550 points. H share index closed down 234 points and technology index down 182 points. Turnover was $164.9 billion.

Overnight, overseas markets were mixed. European markets fell sharply. DAX lost 200 points. CAC lost 164 points and FTSE lost 110 points. US markets were mixed. Dow Jones lost 66 points but S & P rose 5 points and Nasdaq rose 16 points. Hong Kong ADR’s lost 69 points. Night future rose 95 points. We expect the market to rebound today.
 
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