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Hang Seng index lost 1401 points in the first quarter.
The market opened higher on Thursday. Blue chips were range bound. Hang Seng index rose 30 points. H share index rose 6 points and technology index rose 23 points. AIA rose 1.82% t...
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Hang Seng index lost 1401 points in the first quarter.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Thursday. Blue chips were range bound. Hang Seng index rose 30 points. H share index rose 6 points and technology index rose 23 points. AIA rose 1.82% to lead the gainers for 20-point gain. Alibaba rose 0.88% for 14-point gain. On the other hand, CNOOC lost 2.7% for 10-point loss. Shenzhou International lost 4.5% to lead the losers for 9-point loss. A shares opened down 11 points. The market feel further after opening as blue chips fell further. Meituan lost 2.3% for 23-point loss. Alibaba lost 1.7% for 26-point loss. Wuxi Biologics lost 3.6% for 18-point loss. CNOOC lost 3.2% for 14-point loss. Tencent lost 1.26% for 15-point loss. Shenzhou International lost 6% for 12-point loss. China’s March PMI fell below 50, into contraction. The market fell sharply on the news. Hang Seng index lost more than 300 points. Meituan lost 3.8% for 38-point loss. Alibaba lost 2.3% for 32-point loss. Wuxi Biologics lost 4.4% for 21-point loss. Tencent lost 1.6% for 21-point loss. Smoore reported trouble in first quarter. Share price fell 13%. Mainland developers rose. Longfor rose 2.8%. Country Garden rose 1%. China Overseas Land rose 1.9%. Kaisa announced cooperation with China Rail no. 5 division. Share price rose 13%. SEC placed five more Chinese companies on the delist list including Baidu. Baidu lost 4%. Weibo lost 1.2%. Beigene lost 2.8%. A shares closed the morning down 3 points. Hang Seng index fell to a low of 21922, down 310 points. However, the market recovered from the nadir. Hang Seng index closed the morning down 179 points, H share index down 51 points and technology index down 58 points. Turnover was $51.1 billion.

The market fell further in the afternoon. Hang Seng index lost more than 200 points. Wuxi Biologics lost 7.5% for 37-point loss. Meituan lost 3.2% for 32-point loss. Alibaba lost 1.9% for 29-point loss. Tencent lost 1.48% for 19-point loss. Shenzhou lost 7% for 14-point loss. HK Exchanges lost 1.33% for 12-point loss. On the contrary, Mainland banks rose against the market. CCB rose 2% for 26-point gain. ICBC rose 1.5% for 10-point gain. BOC rose 1.3% for 6-point gain. CM Bank rose 1%. Technology stocks mostly fell. BYD Electronics lost 6%. Ali Health lost 4.6%. JD Health lost 4.5%. Baidu lost 4.2%. Auto stocks fell. Geely lost 3%. Li Auto lost 5.8%. XPeng lost 4%. Great Wall Motor lost 6.4%. The USA will release huge amounts of its strategic oil reserve. Oil stocks fell. Petrochina lost 0.5%. CNOOC lost 2.16%. Pharmaceutical shares fell sharply. Akeso lost 13%. Innovent lost 11%. Kintor Pharm lost 10%. Hygeia lost 10%. A shares closed down 14 points. The market recovered some of the loss. Hang Seng index closed down 235 points, H shares index down 83 points and technology index down 64 points. Turnover was $102.4 billion. HSI lost 1401 points in the first quarter; H share index lost 710 points and tech index lost 1112 points.

Overnight, overseas markets fell. DAX lost 191 points. CAC lost 82 points and FTSE lost 63 points. US markets lost 1.5%. Dow Jones lost 550 points. S & P lost 72 points and Nasdaq lost 222 points. Hong Kong ADR’s lost 270 points. Night future lost 211 points. We expect the market to fall today.
 
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