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The Chinese Government planned to increase infrastructure investment to maintain high level of growth.
The Hong Kong market opened sharply lower on Wednesday. Hang Seng index opened down 211 points, H share index down 85 points and technology index down 50 points. Financials led the...
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The Chinese Government planned to increase infrastructure investment to maintain high level of growth.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/04/28 09:11
The Hong Kong market opened sharply lower on Wednesday. Hang Seng index opened down 211 points, H share index down 85 points and technology index down 50 points. Financials led the fall. HSBC lost 4.54% to lead the losers for 91-point loss. Ping An lost 2.7% for 17-point loss. Tencent lost 1.1% for 13-point loss. CM Bank lost 3.13% for 11-point loss. BYD lost 2.76% for 11-point loss. The market reversed after opening. A shares turned from loss to gain. Hong Kong market followed. Hang Seng index turned from loss to gain. The main reason was HSBC rebounded from opening low. In addition, Meituan rose 3.4% for 30-point gain. AIA rose 1.8% for 18-point gain. CNOOC rose 3.2% for 11-point gain. IDreamsky which fell sharply on Tuesday rebounded 14% on purchase buyback. Oil stocks rose. CNOOC rose 3%. Petrochina rose 1%. Consumption stocks rose. Haidilao rose 2.45%. Lining rose 2%. Anta Sports rose 1.1%. Budweiser rose 0.7%. Pharmaceuticals fell. Fosun Pharm reported 45% fall in first quarter profit. Share price fell 7.7%. Cansino lost 9.3%. Kintor Pharm lost 11%. Ascletis lost 6.1%. Price of Hong Kong residential properties fell for three straight months. Local properties fell. Hang Lung lost 2.23%. SHK Properties lost 1.8%. Wharf lost 1.5%. A shares closed the morning up 11 points. Hang Seng index closed the morning up 65 points, H share index up 36 points and technology index up 48 pints. Turnover was $65.8 billion.

The market was little changed in early afternoon. Hang Seng index rose slightly. Meituan rose 3.2% for 30-point gain. AIA rose 2.67% for 27-point gain. CNOOC rose 5.3% for 18-point gain. Xiaomi rose 3.3% for 10-point gain. On the contrary, HSBC lost 3.4% for 68-point loss. Hang Seng Bank lost 3.2% f or 7-point loss. Ping An lost 1.2% for 7-point loss. Industrial stocks rose. Geely rose 3.4%. Sunny Optical rose 3.4%. AAC rose 2.9%.. Solar energy stocks rose. Xinyi Solar rose 2.4%. Flat Glass rose 8.8%. GCL rose 5.9%. Metal shares rose. Gongfeng Lithium reported 6.4 times increase in first quarter profit. Share price soared 13.5%. Non-ferrous metals rose. Chalco reported 60% increase in first quarter profit. Share price rose 6.7%. Jiangxi Copper rose 2.6%. Luoyang Moly rose 3.5%. MMG rose 5.2%. Black metals rose. Angang rose 5.7%. Chongqing Iron rose 5.7%. Maanshan Iron rose 2.7%. China Coal rose 3.5%. China Shenhua rose 2.1%. Yankuang rose 3.1%. Shipping stocks rose. Pacific Basin rose 2.4%. Cosco Holding rose 4.6%. OOIL rose 5.9%. The Chinese Government planned to control tightly the capacity of electronic cigarettes, which would benefit existing factories. Smoore rose 7.8%. A share closed up 72 points. Hang Seng index closed up 11 points. H share index closed up 38 points and technology index up 66 points. Turnover was $125.1 billion.

Overnight, overseas markets were mixed. Russia cut off natural gas supply to Poland and Bulgaria. Natural gas prices in Europe soared 24%. DAX rose 37 points. CAC rose 30 points and FTSE rose 39 points. US markets opened higher but closed lower. Dow Jones closed up 61 points. S & P rose 9 points but Nasdaq closed down 2 points. Hong Kong ADR’s rose 46 points. Night future rose 75 points. We expect the market to rise today.
 
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