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Technology stocks rose but retail and industrial stocks fell sharply.
The Hong Kong market rose strongly on Friday. Hang Seng index opened up 363 points, H share index up 125 points and technology index up 130 points. Technology and financial stocks ...
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Technology stocks rose but retail and industrial stocks fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/10/11 09:23
The Hong Kong market rose strongly on Friday. Hang Seng index opened up 363 points, H share index up 125 points and technology index up 130 points. Technology and financial stocks led the rally. Alibaba rose 4.8% for 95-point gain. Tencent rose 3.95% for 65-point gain. Meituan rose 2.95% for 63-point gain. HSBC rose 1.73% for 31-point gain. AIA rose 1.6% for 27-point gain. AAC lost 9.7% to lead the losers. Technology stocks followed the leaders up. Netease rose 7.9%. JD rose 3.9%. Bili Bili rose 4.1%. A shares opened up 1.2%. Shanghai composite index rose 41 points. The market’s gain narrowed after opening, as short-term investors sold to take profit. Hang Seng index gained only 100+ points. Handset suppliers fell. AAC issued profit warning. Share price lost 14%. Sunny Optical lost 3.5%. Retailers and properties fell. Lining lost 9% for 36-point loss. Anta Sports lost 1.7%. Wuxi Biologics lost 5% for 46-point loss. New World lost 3%. Hang Lung lost 2.33%. Henderson Land lost 1.7%. Country Garden lost 2.8%. Longfor lost 2%. CR Land lost 1.4%. China Overseas Land lost 1.14%. Dongyue crashed 24%. Shipping stocks fell. STII lost 11.5%. OOIL lost 8.2%. Cosco Holding lost 6.1%. Cosco Energy lost 8.5%. A shares closed the morning up 11 points. The Hong Kong market turned from gain to loss near midday momentarily. Hang Seng index closed down 65 points, H share index down 22 points and technology index down 30 points. Turnover was $94.7 billion.

The market was range bound in the afternoon. Hang Seng index lost under 100 points. Alibaba rose 4% for 78-point gain. Tencent rose 1.8% for 30-point gain. Meitaun rose 0.87% for 18-point gain. HSBC rose .07% for 12-point gain. On the contrary, Wuxi Biologics lost 7.3%. for 64-point loss. Lining lost 8.4% for 33-point loss. Xiaomi lost 2.1% for 15-point loss. Power generators fell sharply. CR Power lost 10%. China Power lost 9.75%. Huaneng lost 10%. Coal prices fell. Coal miners fell sharply. China Coal lost 10%. Yanzhou Coal lost 10%. China Shenhua lost 5.2%. Iron and steel shares fell. Angang lost 6.4%. Maanshan Iron lost 5.6%. Chongqing Iron lost 3.8%. Glass manufacturers fell. China Glass lost 6.6%. Flat Glass lost 5.9%. Luoyang Glass lost 5.3%. New energy stocks fell. Xinyi Solar lost 2.8%. Goldwind lost 5.8%. Xinte Energy lost 5.2%. CGN New Energy lost 15.7%. Industrial stocks fell sharply. AAC lost 14%. Dongyue lost 19%. L & M Chemical lost 12%. Kingboard lost 3.5%. A shares closed up 0.67%. Shanghai composite index closed up 24 points. Hang Seng index closed up points, H share index up points, and technology index up points. Turnover was $ billion.

Over last Friday night, overseas markets were slightly lower. European markets had no direction. DAX lost 44 points. CAC lost 40 points but FTSE rose 17 points. US markets fell slightly. Dow Jones lost 8 points and S & P lost 8 points. Nasdaq lost 43 points. Hong Kong ADR’s rose 43 points. Night future rose 199 points. Meituan was fined RMB3.44 billion for breaching anti-monopoly law. We expect the market to fall today.
 
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