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Technology and financial stocks fell sharply to bring down the market.
The market opened sharply lower on Tuesday. Hang Seng index opened down 412 points, H share index down 156 points and technology index down 104 points. The market was disappointed ...
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Technology and financial stocks fell sharply to bring down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened sharply lower on Tuesday. Hang Seng index opened down 412 points, H share index down 156 points and technology index down 104 points. The market was disappointed at the Government’s decision to lower RRR by 1/4% instead of 1/2%. In addition, the CEO of CM Bank was suddenly fired. Didi announced withdrawal of listing in New York. Technology and financial stocks led the fall. Meituan lost 5.6% for 55-point loss. CM Bank lost 10.1% to lead the losers for 47-point loss. Alibaba lost 3.1% for 29-point loss. Ping An lost 3% for 22-point loss. HK Exchanges lost 2.6% for 21-point loss. A shares opened down 3 points. The market fell further after opening. The news of the sudden firing of CEO of CM Bank and the withdrawal of listing by Didi hurt market sentiment. Some auto stocks rose, buoyed by news of Tesla’s resumption of work. Geely rose 2%. BYD rose 1.1%. Great Wall rose 2%. However, Nio lost 3.7%. XPeng lost 2.8%. Consumption stocks fell sharply. Li-ning lost 7.5%. Haidilao lost 7%. Anta Sports lost 6.3%. Nongfu Spring lost 4.6%. Mainland developers fell sharply. KWG lost 8.8% on lower audited earnings. Cifi lost 7.8%. Logan lost 6.5%. Country Garden lost 4.2%. However, oil stocks rose against the market. CNOOC rose 2.2%. Petrochina rose 2.1%. Sinopec rose 1%. A shares closed the morning up 4 points. Hang Seng index reached a low of 20896, down 622 points. The market rebounded before morning’s close. Hang Seng index closed the morning down 406 points. H share index closed down 176 points and technology index down 123 points. Turnover was $68.5 billion.

The market fell further in the afternoon. Hang Seng index lost more than 500 points. Technology and financial stocks led the fall. Meituan lost 6.5% for 65-point loss. Alibaba lost 4.6% for 60-point loss. CH Bank lost 11.5% for 53-point loss. Tencent lost 3% for 40-point loss. Ping An lost 4.2% for 30-point loss. CCB lost 2.3% for 30-point loss. The Shanghai City Government met online sales platform companies about the lockdown. Technology stocks fell sharply. Bili Bili lost 11%. GDS lost 8.5%. Ali Health lost 7.2%. Baidu lost 6.3%. Zhongan lost 6.1%. Ming Yuan lost 6%. On the other hand, oils and local properties rose. CNOOC rose 1.73%. Petrochina rose 1.23%. Sinopec rose 0.3%. Local properties rose. Link rose 1.5%. MTR rose 0.7%. Junshi soared 6.7% on strong results from its oral covid drug. However, Wuxi Biologics lost 5.66%. Sino Biopharm lost 3.1%. CSPC lost 2.7%. Kintor Pharm crashed 12%. The Government considered measures to prevent coal price hikes. Coal miners fell. Yankuang lost 7.9%. China Shenhua lost 1.5%. China Coal lost 2.44%. A shares closed down 1.5 point. Hang Seng index closed down 490 points, H share index down 218 points and technology index down 163 points. Turnover was $115.5 billion.

Overnight, overseas markets were mixed. European markets fell. DAX lost 10 points. CAC lost 54 points and FTSE lost 15 points. US markets rebounded. Dow Jones rose 500 points. S & P rose 70 points and Nasdaq rose 287 points. Hong Kong ADR’s rose 28 points. Night future lost 9 points. We expect the market to rebound today.  
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