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Hong Kong market fell sharply for the fourth straight day to 2021 low.
The Hong Kong market opened slightly higher on Thursday. Blue chips were range bound. Hang Seng index opened up 9 points, H share index up 8 points and technology index up 6 points...
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Hong Kong market fell sharply for the fourth straight day to 2021 low.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/09/17 09:15
The Hong Kong market opened slightly higher on Thursday. Blue chips were range bound. Hang Seng index opened up 9 points, H share index up 8 points and technology index up 6 points. HSBC rose 1.25% for 21-point gain. Wuxi Biologics rose 1.79% for 15-point gain. HK Exchanges rose 1.1% for 13-point gain. On the other hand, technology stocks fell. Meituan lost 1.28% for 25-point loss. Tencent lost 1.46% for 23-point loss. AIA lost 1.33% for 23-point loss. Macau gaming stocks stabilized after Wednesday’s selloff. Galaxy rose 2.2%. SJM rose 2.8%. MGM and Wynn were unchanged while Sands lost 2%. Three oils rose on higher crude oil prices. Sinopec rose 3.1%. Petrochina rose 2.92%. CNOOC rose 2.2%. The market fell sharply after opening. Hang Seng index lost more than 400 points. Alibaba lost 2.2% for 45-point loss. AIA lost 1.9% for 33-point loss. Wuxi Biologics lost 2.55% for 22-point loss. Tencent lost 1.23% for 20-point loss. Heavyweights led the market’s sharp fall. Evergrande shares fell sharply. China Evergrande lost 6.6%. Mainland properties and property management shares fell sharply. CG Service lost 7.4% to top the losers. Country Garden lost 4.6%. CR Land lost 3.68%. Longfor lost 3.1%. Hang Seng index fell to a low of 24526, down 507 points. A shares closed the morning down 25 points. Hang Seng index closed down 494 points, H share index down 190 points and technology index down 106 points. Turnover was $81.9 billion.

The market recovered some of the losses in early afternoon. Hang Seng index lost under 400 points. However, Hang Seng index soon lost more than 500 points. Alibaba lost 2% for 41-point loss. AIA lost 1.83% for 31-point loss. HK Exchanges lost 2.87% for 35-point loss. Country Garden Service lost 11% to become the top loser for 21-point loss. Xiaomi lost 2.6% for 18-point loss. Sinosoft entered into joint venture with Haihong to set up laboratory. Share price soared 10.3%. New energy stocks fell. Xinyi Solar lost 5.1%. Flat Glass lost 4.4%. Goldwind Technology lost 4.1%. Power generators fell. China Power lost 8.8%. Huaneng International lost 3.9%. Datang Power lost 4.3%. Auto stocks fell. Geely lost 4.55%. BYD lost 2.3%. Great Wall lost 9%. Gonfeng Lithium lost 5.7%. A shares closed down 1.34%. Shanghai composite index closed down 49 points. Hang Seng index fell to year low of 24505, down 528 points, and closed down 365 points. H share index closed down 130 points and technology index down 65 points. Turnover was $150.8 billion.

Overnight, overseas markets were mixed. European markets edged up. DAX rose 36 points. CAC rose 39 points and FTSE rose 11 points. US markets were mixed. Dow Jones lost 63 points. S & P lost 7 points but Nasdaq rose 20 points. Hong Kong ADR’s rose 3 points. Night future rose 81 points. We expect a technical rebound today as the market is oversold.
 
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