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The Evergrande Group missed interest payment. Hong Kong stocks fell. .
The Hong Kong market opened slightly lower last Friday. Hang Seng index opened down 24 points, H share index down 20 points and technology index down 10 points. Blue chips were ran...
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The Evergrande Group missed interest payment. Hong Kong stocks fell. .
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/09/27 09:12
The Hong Kong market opened slightly lower last Friday. Hang Seng index opened down 24 points, H share index down 20 points and technology index down 10 points. Blue chips were range bound. HSBC rose 1.13% for 19-point gain. On the contrary, Alibaba lost 1.14% for 22-point loss. China Evergrande failed to pay interest due on Thursday, risking default. Share price lost 2.6%. CM Bank lost 1.45% to become the top loser at opening. A shares opened down 2 points. The market turned from loss to gain right after opening, as Hang Seng index gained more than 100 points to reach 24636, up 125 points. Meituan rose 2.63% for 53-point gain. HSBC rose 1.88% for 31-point gain. Ping An rose 2.16% for 53-oint gain. However, the rally was short lived and the market fell back again. Hang Seng index lost more than 100 points. Alibaba lost 1.4% for 26-point loss. AIA lost 1.13% for 19-point loss. Wuxi Biologics lost 2.1% for 18-point loss. Lining lost 3.78% to lead the losers. Oil stocks rose. CNOOC rose 2.37%. Petrochina rose 1.85%. The price of iron ore fell sharply. Related shares fell. Citic lost 3.4% to lead the losers. IRC lost 3.8%. Angang lost 2.4%. Maanshan Iron lost 3.5%. Chongqing Iron lost 2.1%. Non-ferrous metal shares also fell. Chalco lost 3.8%. Luoyang Moly lost 1.7%. MMG lost 3.14%. Hygeia lost 9% as shareholder sold down shares. A shares closed the morning down 2 points. Hang Seng index closed the morning down 7 points, H share index down 15 points and technology index down 45 points. Turnover was $73.9 billion.

The market remained range bound in the afternoon. Hang Seng index lost 30 points, H share index down 28 points and technology index down 67 points. Meituan rose 1.7% for 37-point gain. HSBC rose 1.5% for 25-point gain. Ping An rose 3% for 20-point gain. Alibaba lost 1.5% for 29-point loss. Lining lost 3.9% for 16-point loss. HK Exchanges lost 1.36% for 16-point loss. AIA lost 0.85% for 14-point loss. China Evergrande missed interest payment. Share price fell 10.5%. Evergrande Vehicle was rumoured to stop paying salaries. Share price fell 20%. China faced electricity shortage. Power generators rose sharply. CR Power rose 6.1%. China Power rose 10%. Huadian rose 11%. Longyuan rose 6.2%. Huaneng rose 8.8%. CGN New Energy rose 6.8%. Shipping stocks rose on continued high freight rates. Cosco Holding rose 3.88%. OOIL rose 4.5%. SITC rose 5.8%. The Chinese cracked down on high energy consumers. Glass manufacturers suffered. Xinyi Glass lost 7% to become the top blue chip loser. China Glass lost 6.25%. Luoyang Glass lost 4.5%. Certain stocks crashed. Dongyue crashed 15%. L & M Chemical lost 15%. Kintor Pharma lost 33%. BRII lost 10%. The market fell further in late afternoon. Alibaba lost 2.3% for 45-point loss. Lining lost 6.1% for 26-point loss. AIA lost 1.6% for 27-point loss. A shares closed down 29 points. Hang Seng index closed down 319 points, H share index down 128 points, and technology index down 140 points. Turnover was $147.5 billion.

Last Friday night, overseas markets were mixed. European markets fell. DAX lost 112 points. CAC lost 63 points and FTSE lost 27 points. US markets were mixed. Dow Jones rose 33 points. S & P rose 6 points but Nasdaq lost 4 points. Hong Kong ADR’s lost 28 points. Night future lost 187 points. We expect the market to fall today.  
 
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