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Chinese internet stocks fell to drag down the market.
The Hong Kong market opened higher on the first trading day of 2022. Hang Seng index opened up 113 points, H share index up 50 points and technology i8ndex up 33 points. Meituan ro...
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Chinese internet stocks fell to drag down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on the first trading day of 2022. Hang Seng index opened up 113 points, H share index up 50 points and technology i8ndex up 33 points. Meituan rose 1.6% for 28-point gain. Tencent rose 0.66% for 12-point gain. CCB rose 0.92% for 10-point gain. Country Garden rose 2.3% to become the top gainer. On the contrary, Alibaba lost 1.6% for 27-point loss. Shenzhou International lost 4.6% to become the top loser for 10-point loss. The market rose further right after opening. Li-ning rose 4%. Sunny Optical rose 3.6% and Techtronic rose 3.3% to lead the gainers. Sensetime continued to advance and rose another 14%. XPeng rose 5.6% on strong sales. Li Auto rose 1.5%. However, the market turned from gain to loss. Alibaba lost 3.3% for 57-point loss. Shenzhen International lost 10 % for 25-point loss. Its Lingbo plant production was affected by the pandemic. Wuxi Biologics lost 8.2% for 50-point loss. On the other hand, AIA rose 1.2% for 21-point gain. Resources stocks rose. Coal miners rose the most. China Coal rose 4.44%. Yanzhou Coal rose 3%. China Shenhua rose 1%. Angang Steel rose 1%. Maanshan Iron rose 1.4%. Jiangxi Copper rose 2.1%. Chalco rose 2.55%. Chinese medicine shares soared as Medical Insurance will include Chinese medicine. Chinese Medicine rose 23%. CR Pharmaceutical rose 17%. Traditional Chinese Medicine rose 12%. The market fell further near midday. Hang Seng index closed the morning down 145 points, H share index down 70 points and technology index down 55 points. Turnover was $41.2 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 100 points. Alibaba lost 3.8% for 63-point loss. Wuxi Biologics lost 6.2% for 38-point loss. Shenzhen International lost 8.1% for 20-point loss. Xiaomi lost 1.7% for 10-point loss. On the other hand, AIA rose 0.9% for 17-point gain. Sino Biopharm rose 2.75% to become the top gainer. China Evergrande received demolition order for Hainan Island. Share was suspended. Evergrande Vehicle was closed to launch its vehicle. Share price rose 13%. Sensetime soared 40% to become the top gainer. Chinese medicine shares soared. CR Pharma rose 27%. Zhongchi Pharm rose 27%. Modern Chinese Medicine rose 23%. Education shares were mixed. Mapleleaf Education rose 16% but Sino Education lost 4.3% and New Higher Education lost 4.8%. New energy stocks rose. GCL rose 5.6%. Suntian rose 11%. Irico New Energy rose 12%. CIMC Enrichment rose 9%. Power generators rose. Longyuan rose 6%. CR Power rose 5.2%. Huaneng rose 5.2%. Huadian rose 7.35%. Hang Seng index closed down 123 points, H share index down 47 points and technology index down 30 points. Turnover was $70 billion.

Overnight, overseas markets rose. DAX rose 136 points. CAC rose 64 points and FTSE was closed for holiday. US markets set record highs on the first trading day of 2022. Apple and Tesla were the leaders. Dow Jones rose 246 points. S & P rose 30 points. Nasdaq rose 246 points. Hong Kong ADR’s rose 95 points. Night future rose 84 points. We expect the market to rise today.
 
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