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Global stock markets rebounded as fear of Omicron variant receded.
The Hong Kong market opened lower on Monday. Hang Seng index opened down170 points. Technology index opened down 17 points and technology index down 53 points. Meituan lost 8.8% to...
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Global stock markets rebounded as fear of Omicron variant receded.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2021/11/30 09:06
The Hong Kong market opened lower on Monday. Hang Seng index opened down170 points. Technology index opened down 17 points and technology index down 53 points. Meituan lost 8.8% to lead the losers for 193-point loss as quarterly results disappointed. HSBC lost 0.9% for 16-point loss. Galaxy lost 7.7% for 15-point loss. Sands lost 7.6%. AIA lost 0.77% for 14-point loss. HK Exchanges lost 1.25% for 13-point loss. Travel related shares fell sharply. Suncity Group was suspended as its Chairman was arrested. Sun Entertainment lost 42%. SJM lost 7.1%. Wynn lost 10%. MGM lost 6.2%. Melco lost 6.8%. Genting lost 5.6%. A shares opened down 30 points. The market’s loss narrowed and other blue chips rose. Tencent rose 1.5% for 30-point gain. Alibaba rose 2.86% for 46-point gain. Xiaomi rose 2.2% for 13-point gain. Pharmaceuticals rose. Wuxi Biologics rose 4% for 29-point gain. Sino Biopharm rose 4.1%. Cansino rose 11%. Fosun Pharmaceutical rose 7.5%. Kintor Pharma rose 7.2%. Sunny Optical rose 4.3% to become the top gainer. Hang Seng index rose to a high of 24134, up 54 points. Then, the market fell again. A shares closed the moring down 1 point. Hang Seng index fell below 24000 points and fell to a low of 23851, down 230 points, and closed the morning down 124 points. H share index closed down 26 points and technology index down 10 points. Turnover was $82.8 billion.

The market fell further in the afternoon. Hang Seng index lost 306 points at the nadir. Meituan reported 3rd quarter loss. Share price fell 8.6% for 190-point loss. Galaxy lost 8% to top the losers for 15-point loss. Sands lost 6.4%. HSBC lost 1.6% for 28-point loss. Geely lost 3.8% for 11-point loss. HK Exchanges advised Silkroad Logistics that it failed to satisfy listing requirement and would be delisted. Share price crashed 51%. Internet stocks fell. Yeahka lost 13%. Bili Bili lost 3.73%. Kuaishou lost 5.2%. Airline stocks fell sharply on spread of omicron variant. China Southern lost 3.9%. China Eastern lost 3.1%. Air China lost 4.5%. Cathay Pacific lost 3.1%. China Travel lost 3.6%. Trip.com lost 2.5%. Fosun Tourism lost 3.3%. Mapleleaf Education issued profit warning. Share price fell 12%. Restaurant shares fell sharply. Haidilao lost 3.43%. Jiumaojiu lost 4.3%. However, power generators rose. CR Power rose 7.6%. Datang Renewables rose 7.7%. CGN Renewables rose 7.7%. Longyuan Power rose 3.9%. The Baltic Dry Bulk index rose 3%. Shipping stocks soared. Cosco Holding rose 9.8%. OOIL rose 6.15%. SITC %. A shares closed down 1 point. Hang Seng index closed down 228 points, H share index down 78 points and technology index down 52 points. Turnover was $144.5 billion.

Overnight, global markets rebounded as fear of omicron variant receded. Investors went bargain hunting. DAX rose 24 points. CAC rose 36 points and FTSE rose 66 points. US markets rebounded. Dow Jones rose 236 points. S & P rose 60 points and Nasdaq rose 291 points. Hong Kong ADR’s lost 97 points. Night future lost 27 points. We expect the market to rebound today.  
 
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