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Technology stocks led the market’s rebound in the afternoon.
The Hong Kong market opened down slightly on Tuesday. Hang Seng index lost 15 points. H share index was unchanged and technology index rose 11 points. Meituan rose 3.4% for 60-poin...
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Technology stocks led the market’s rebound in the afternoon.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened down slightly on Tuesday. Hang Seng index lost 15 points. H share index was unchanged and technology index rose 11 points. Meituan rose 3.4% for 60-point gain to support the market. However, Ping An lost 2.63% for 22-point loss. HSBC lost 0.96% for 18-point loss. The Government limited youth to play online games for only three hours per week during weekends. Tencent lost 0.64% for 11-point loss. Netease lost 3.94%. Idreamsky lost 3.2%. Bili Bili lost 5.6%. CMGE lost 5.9%. A shares opened down 8 points. The market fell further after opening as Hang Seng index lost more than 400 points. Ping An fell 7.3% for 63-point loss, and became the top loser. Tencent lost 3.44% for 58-point loss. AIA lost 2.8% for 62-point loss. Alibaba lost 1.9% for 36-point loss. The heavyweights dragged down Hong Kong market. However, some shares rose against the market. Ali Health rose 2.85% to lead the gainers. Sinopec rose 1.35%. Petrochina rose 1.2%. Kuaishou rose 3.8% against the falling market. Kingsoft rose 4%. Education shares also rose. New Oriental rose 8.3%. Koolearn rose 3.1%. Scholar Education rose 2.5%. A shares closed the morning down 26 points. Hang Seng index fell to a morning low of 25110, down 429 points, and closed down 365 points. H share index closed down 117 points and technology 8index down 54 points. Turnover was $78.6 billion.

The market rebounded strongly in the afternoon. Technology stocks led the rebound. In early afternoon, Meituan rose 6.5% for 115-point gain. Alibaba rose 2.9% for 55-point gain. Tencent rose 1.85% for 31-point gain. Geely rose 4.3% for 14-point gain. Shipping stocks fell despite spectacular increase in interim profit. Cosco Holding reported 31.2 times increase in interim profit. Yet, share price fell 5.5%. Cosco Development reported 1.8 times increase in interim profit. Share price fell 5.3%. OOIL lost 1.7%. Power generators fell to profit taking. Huadian International lost 5.4%. Huaneng International lost 3.9%. China Longyuan lost 3%. CR Power lost 1.5%. However, restaurant shares rose. Haidilao rose 2.9%. Shabu Shabu rose 4.8%. Cement stocks rose. Conch Cement rose 5.1%. CNBM rose 3.9%. CR Cement rose 3.4%. A shares closed up 16 points. A sudden surge in buy orders for technology stocks drove up the market in late trading. Meituan rose 9% for 158-point gain. Alibaba rose 4.6% for 87-point gain. Tencent rose 3.3% for 56-point gain. Hang Seng index closed at the highest level of the day at 25879, up 339 points. H share index closed up 188 points and technology index up 216 points. Turnover was $213.3 billion. For the month of August, Hang Seng index lost 82 points; H share index lost 50 points and technology index lost 174 points.

Overseas markets were marginally lower overnight. DAX lost 52 points; CAC lost 7 points and FTSE lost 28 points. US markets fell slightly. Dow Jones lost 39 points. S & P lost 6 points and Nasdaq lost 6 points. ADR’s lost 74 points. Night future lost 60 points. We expect the market to fall today.
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