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Hong Kong shares followed overseas markets and fell sharply.
The market opened lower on Wednesday. Hang Seng index opened down 282 points, H share index down 132 points and technology index down 132 points. Technology stocks fell from recent...
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Hong Kong shares followed overseas markets and fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Wednesday. Hang Seng index opened down 282 points, H share index down 132 points and technology index down 132 points. Technology stocks fell from recent highs to bring down the market. Alibaba lost 4.05% for 64-point loss. Meituan lost 4.2% for 44-point loss. Tencent lost 1.8% for 24-point loss. JD lost 5% for 15-point loss to lead the losers. Wuxi Biologics lost 2.22% for 11-point loss. Li-ning lost 3.2% for 10-point loss. Xinyi Solar rose 2% to lead the gainers. The market fell further after opening as heavyweight stocks fell further. Financials fell also. AIA lost 1.8% for 21- point loss. BYD lost 3.2% for 13-point loss. HSBC lost 0.55% for 12-point loss. Alibaba lost 4.5% for 70-point gain. Meituan lost 3.05% for 32-point loss. Tencent lost 2.36% for 31-point loss. Techtronic lost 7% for 25-point loss. HK Exchanges lost 8.7% to top the losers for 15-point loss. On the contrary, CNOOC rose 4.67% to lead the blue chips for 18-point gain. Shipping stocks fell on Shanghai’s lockdown. Cosco Holding lost 7.3%. OOIL lost 5.4%. Pacific Basin lost 4.7%. Hang Seng index fell to a low of 22029, down 473 points. A shares closed the morning down 7 points. However, the market’s loss narrowed near midday. Hang Seng index closed the morning down 320 points. H share index closed down 118 points and technology index down 151 points. Turnover was $70.6 billion.

The market was little changed in early afternoon. Hang Seng index lost about 300 points. CNOOC rose 5.9% for 23-point gain to lead the blue chips. Technology stocks led the fall. Alibaba lost 4.4% for 69-point loss. Meituan lost 3.2% for 34-point loss. Techtronic lost 7.35% to lead the losers for 27-point loss. HK Exchanges lost 2.9% for 26-point loss. Tencent lost 1.7% for 22-point loss. Pharmaceutical stocks rose sharply. Kintor soared 121% as its drug for treating Covid returned with positive results. Clover Bio rose 20%. Chinese medicine stocks rose. Modern Chinese Medicine rose 10%. Purapharm rose 11%. SD Xinhua rose 5.5%. Consumption stocks fell. CR Beer lost 6%. Li-ning lost 5.6%. Nongfu Spring lost 3.1%. Lenovo lost 6.3%. Handset suppliers fell. Sunny Optical lost 5.5%. AAC lost 2.4%. Mainland developers rose. China Overseas Land rose 6.83% to lead the gainers. CR Land rose 3.63%. R & F rose 8.7%. Logan rose 6%. Cifi rose 5.2%. The market’s fall increased in late trading. Hang Seng index lost more than 400 points. Alibaba lost 5.1% for 80-point loss. Meituan lost 3.4% for 36-point loss. Tencent lost 2.3% for 30-point loss. HK Exchanges lost 3.3% for 30-point loss. Hang Seng index closed down 421 points, H share index down 162 points and technology index down 182 points. Turnover was $134.2 billion.

Overnight, overseas markets fell. Western countries intensified sanctions on Russia, including energy supplies like oil, gas and coal. DAX lost 272 points. CAC lost 146 points and FTSE lost 26 points. US markets fell sharply for the second straight day, as Federal Reserve indicated it would aggressively reduce its balance sheet. Dow Jones lost 144 points. S & P lost 44 points and Nasdaq lost 315 points. Hong Kong ADR’s lost 213 points. Night future lost 102 points. We expect the market to fall today.
 
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