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US markets fell for five straight days as Ukraine crisis worsened.
The US Government imposed sanctions on two major Russian banks and sovereign debt for the Ukraine crisis. The Hong Kong market rebounded on Wednesday after a three-day fall. Hang S...
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US markets fell for five straight days as Ukraine crisis worsened.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The US Government imposed sanctions on two major Russian banks and sovereign debt for the Ukraine crisis. The Hong Kong market rebounded on Wednesday after a three-day fall. Hang Seng index opened up 98 points, H share index up 33 points and technology index up 8 points. Banks led the rally. HSBC rose 2.5% for 57-point gain. CCB rose 1% for 13-point gain. ICBC rose 1.3% for 9-point gain. On the contrary, technology stocks fell. Alibaba lost 1.3% for 19-point loss. Tencent lost 0.54% for 8-point loss. Rusal was not included in the sanctioned list. Share price rose 8%. Chalco rose 1%. International crude oil rose. CNOOC rose 1%. Petrochina rose 0.5%. Mainland developers rose. Longfor rose 3.25% to lead the gainers. CG Services rose 2.67%. Country Garden rose 2%. A shares opened up 6 points. The market rose further after opening. Hang Seng index gained more than 100 points. Technology stocks like Meituan, Alibaba, Xiaomi and JD rose to support the market. Hang Seng Bank lost 2% as its Hong Kong profit declined. Auto stocks were mixed. Geely rose 1.28%. BYD rose 2.4%. Li Auto rose 1%. However, XPeng delayed delivery of cars. Share price fell 4%. Profit taking hit goldminers. Zhaojin lost 1.5%. Zijin lost 1.9%. SD Gold lost 1.6%. A shares closed the morning up 19 points. Hang Seng index closed the morning up 163 points, H share index up 55 points and technology index up 70 points. Turnover was $65.7 billion.

The market rose further in the afternoon. Hang Seng index rose more than 200 points. Hang Seng index reached a high of 23475 points, up 225 points. Meituan rose 7% for 85-point gain. HSBC rose 2.9% for 67-point gain. Alibaba rose 1.6% for 24-point gain. BYD rose 4.3% for 18-point gain. Wuxi Biologics rose 3.2% for 13-point gain. On the contrary, BOCHK lost 3.3% and Techtronic lost 3.1% to lead the losers. The price of natural gas soared. Pipe gas suppliers fell. ENN lost 0.73%. Towngas China lost 2.2%. CR Goas lost 3.7%. Kunlun Energy lost 7.6%. Coal miners fell from high level. China Coal lost 2.7%. China Shenhau lost 3.3%. Yankuang lost 3.3%. China’s No. 1 policy paper aimed to boost the farm sector. Agriculture shares rose. Sinofert rose 4.4%. China Bluechem rose 1.7%. China XLX Fert rose 4.6%. Investors expected industry 2021 net profit to soar. Semiconductor shares rose. Huahong Semiconductor rose 7.4%. SMIC rose 3.25%. Shanghai Fudan rose 6.8%. Solomon Systech rose 5.48%. Some shares rose sharply. Dongyue rose 7.9%. Sensetime rose 6.8%. GCL rose 4.2%. Rusal rose 12%. A shares closed up 30 points. Hang Seng index closed up 140 points, H share index up 45 points and technology index up 72 points. Turnover was $115 billion.

Overnight, the US declared that a Russian invasion of Ukraine was imminent. EU and US announced new measures to sanction Russia. Overseas markets mostly fell. DAX lost 61 points and CAC lost 7 points. FTSE rose 4 points. US markets fell for five straight days to the lowest level of the year. Dow Jones lost 465 points. S & P lost 79 points and Nasdaq lost 344 points. Hong Kong ADR’s lost 248 points and night future lost 276 points. We expect the market to fall today.  
 
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