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US markets fell sharply again. Hong Kong market is likely to test new year low.
The Hong Kong market opened slightly higher on Wednesday. Hang Seng index opened up 120 points. Technology index opened up 44 points and technology index up 8 points. Tencent and f...
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US markets fell sharply again. Hong Kong market is likely to test new year low.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly higher on Wednesday. Hang Seng index opened up 120 points. Technology index opened up 44 points and technology index up 8 points. Tencent and financials led the early market. Tencent rose 0.7% for 14-point gain. CCB rose 0.8% for 8-point gain. ICBC rose 1.2% for 7-point gain. Ping An rose 0.9% for 6-point gain. On the contrary, Alibaba lost 1.8% to lead the lsoers for 29-point loss. A shares opened up 6 points. Macau gaming stocks were the top losers. Galaxy lost 2%. Sands lost 1.7%. Sun City announced all gaming parlors under its management would cease operation. Sun City was suspended. Wynn lost 7.2%. SJM lost 3.8%. The market rose further after opening. Hang Seng index reached a high of 23858, up 383 points. Meituan rose 4% for 80-point gain. Tencent rose 2.7% for 53-point gain. Techtronic rose 5.6% for 25-point gain. AIA rose 1.1% for 20-point gain. CCB rose 1.77% for 19-point gain. China East Education made placement. Share price sank 15%. Scholar Education lost 9%. Yuhua Education lost 7.5%. Koolearn lost 3.8%. However, internet stocks rose. Kuaishou rose 3.7%. Netease rose 3.5%. Xiaomi rose 2.2%. Baidu rose 1.9%. A shares closed the morning up 4 points. Hang Seng index closed the morning up 329 points. H share index closed up 128 points and technology index up 64 points. Turnover was $79.8 billion.

The market’s gain narrowed slightly in the afternoon. Hang Seng index still gained more than 200 points. Meituan rose 3.1% for 61-point gain. Tencent rose 2% for 40-point gain. HSBC rose 1.6% for 28-point gain. Techtronic rose 4.8% for 22-point gain. CCB rose 2% for 21-point gain. AIA rose 0.6% for 12-point gain. Xiaomi rose 2% for 12-point gain. Price of thermal coal rose for two days. Coal miners rose. China Coal rose 6.9%. China Shenhua rose 4.%. Yanzhou Coal rose 6.2%. Hydrogen concept stocks rose. Jingcheng Machinery rose 16%. Weichai Power rose 9.4%. CIMC rose 2.5%. However, solar power shares fell. Xinte Energy lost 3.14%. GCL lost 4.2%. Golden Throat failed to win privatization. Share price crashed 36%. Towngas China was upgraded. Share price soared 10%. ENN rose 3% but China Gas lost 3.76%. A shares closed up 13 points. Hang Seng index closed up points, H share index up points and technology index up points. Turnover was $ billion.

Overnight, overseas markets went their separate ways. European markets rebounded. DAX rose 372 points. CAC rose 161 points and FTSE rose 109 points. US market first rose but fell at the close as new covid variant Omicron appeared in the US. Dow Jones first rose 200 point but closed down 462 points. S & P lost 54 points and Nasdaq lost 283 points. Hong Kong ADR’s lost 200 points. Night future rose 13 points. We expect the market to fall today.  
 
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