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Hong Kong market fell to 2022 low.
The Hong Kong market fell sharply on Thursday. Hang Seng index opened down 338 points, falling below 24000 points. H share index opened down 148 points and technology index down 12...
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Hong Kong market fell to 2022 low.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market fell sharply on Thursday. Hang Seng index opened down 338 points, falling below 24000 points. H share index opened down 148 points and technology index down 125 points. Technology stocks led the fall. Alibaba lost 5.5% to lead the losers for 89-point loss. Meituan lost 3.8% for 61-point loss. Tencent lost 1.82% for 29-point loss. HK Exchanges lost 2% for 22-point loss. On the contrary, HSBC rose 0.83% for 18-point gain. A shares opened down 10 points. The market fell further after opening. Hang Seng index lost more than 400 points. Technology stocks fell further. Bili Bili lost 11.5%. Ali Health lost 8.5%. Ming Yuan Cloud lost 8.4%. Netease lost 5.4%. Weimob lost 6.3%. Education shares fell sharply again. Sino Education lost 20% despite share buyback. Minsheng Education lost 18%. Koolearn lost 15%. Edvantage lost 9.9%. Angang Steel lost 3% despite positive profit alert. Hubei Province would further restrict the production of steel to curb pollution. Steelmakers fell. Maanshan Iron lost 3.65%. Chongqing Iron lost 3%. AAC lost 5.25%. Sunny Optical lost 1.3%. Q-Tech lost 1.3%. Mainland developers fell. Country Garden lost 3.3%. Logan lost 17% on issuance of convertible bond. China Evergrande defaulted. Share price fell 6.78%. Sunac lost 5.8%. R & K lost 6%. A shares closed the morning down 30 points. The market fell further near midday. Hang Seng index lost more than 600 points. Hang Seng index closed the morning down 625 points. H share index closed down 256 points and technology index down 252 points. Turnover was $72 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 600 points. Meituan lost 8.8% for 140-point loss. Alibaba lost 7.3% for 119-point loss. Tencent lost 3.2% for 52-point loss. Wuxi Biologics lost 7.15% for 40-point loss. AIA lost 2.7% for 31-point loss. Xiaomi lost 5% for 30-point loss. JD lost 4.78% and Netease lost 4.35%. Second line technology index fell further. Bili Bili lost 12%. Ming Yuan lost 8.5%. Weimob lost 4.35%. Pharmaceutical shares fell. Innovent lost 11%. Antengene lost 11%. Microtech Medical lost 10%. Mainland developers fell further. Timeschina made placement. Share price crashed 28%. Logan issued convertible bond. Share price lost 15%. Sunac Services lost 10%. Shimao lost 9%. Auto stocks fell. Geely lost 4.25%. XPeng lost 6.4%. Li Auto lost 5.2%. Great Wall lost 5.56%. A shares closed down 61 points. Hang Seng index fell to a low of 23585, down 705 points. The market recovered slightly before the close. Hang Seng index closed down 483 points. H share index closed down 221 points and technology index down 213 points. Turnover was $133.5 billion.

Overnight, overseas markets were mixed. European markets rose. DAX rose 65 points. CAC rose 42 points and FTSE rose 84 points. US markets rose first but closed lower. Dow Jones lost 7 points. S & P lost 23 points and Nasdaq lost 189 points. Hong Kong ADR’s rose 37 points and night future rose 34 points. We expect the market to stabilize today.  
 
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