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Wild rumor connected with Alibaba sent the market on a roller-coaster ride.
The market opened lower on Tuesday. Hang Seng index opened down 161 points, H share index down 92 points and technology down 92 points. Meituan rose 1.1% for 12-point gain. HK Exch...
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Wild rumor connected with Alibaba sent the market on a roller-coaster ride.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/05/04 09:14
The market opened lower on Tuesday. Hang Seng index opened down 161 points, H share index down 92 points and technology down 92 points. Meituan rose 1.1% for 12-point gain. HK Exchanges rose 0.95% for 7-point gain. On the contrary, Alibaba lost 2 .1% for 29-point loss. JD lost 5.5% for 18-point loss. Xiaomi lost 5.1% for 17-point loss. BYD lost 3.7% for 15-point loss. CM Bank lost 3.1% for 12-point loss. Nongfu Spring lost 5.7% to lead the losers. BOCHK rose 1.4% to lead the gainers. The market fell sharply after opening as Hang Seng index lost more than 400 points. News came out that a certain Mr. Ma was detained for criminal investigation. Technology stocks fell sharply. Alibaba lost 9.1% to lead the losers for 130-point loss. Tencent lost 3% for 38-point loss. Meituan lost 3.4% for 37-point loss. JD lost 4.1% for 27-point loss. Hang Seng index fell to a low of 20648, down 441 points. However the market quickly rebounded when clarification came out that Ma Yun was not involved in the case. Hang Seng index turned from loss to gain. Meituan rose 3% for 34-point gain. HSBC rose 1.54% for 30-point gain. HK Exchanges rose 2.3% for 18-point gain. Tencent rose 1.1% for 14-point gain. Pharmaceutical stocks fell. Hutchmed lost 19% when it failed to get FDA approval for its cancer drug. Cansino lost 8%. Innovent lost 5.4%. Electric car shares fell. Li Auto lost 4.5%. XPeng lost 1.55%. Nio lost 3.9%. BYD lost 1.8%. Hang Seng index closed the morning up 25 points, H share index down 19 points and technology index down 41 points. Turnover was $67.3 billion.

The market rose in early afternoon. Hang Seng index gained 203 points at the peak. Unfortunately, the market could not hold on to its gain and retreated. HSBC rose 2% for 40-point gain. Meituan rose 1.51% for 16-point gain. Tencent rose 1.06% for 14-point gain. HK Exchanges rose 1.6% for 13-point gain. Ping An rose 1.85% for 12-point gain. BOCHK rose 4.7% to become the top gainer. On the contrary, JD lost 4.4% for 14-point loss. Xiaomi lost 3.8% for 13-point loss. ICBC lost 1.5% for 10-point loss. Alibaba lost 0.7% for 10-point loss. Many cities in China relaxed control of property market. Mainland developers rose. China Overseas Land rose 5.3% to lead the gainers. CR Land rose 4.25%. Longfor rose 3.6%. Country Garden rose 2.5%. Cifi rose 5.2%. Shipping stocks rose. Cosco Holding rose 4.8%. OOIL rose 2.1%. Pacific Basin rose 3%. The market’s gain narrowed near the close. Alibaba closed down 1.76% and depressed the market. Hang Seng index closed up 12 points. H share index closed down 31 points and technology index down 62 points. Turnover was $106.7 billion.

Overnight, overseas markets rose slightly. DAX lost 100 points. CAC lost 51 points and FTSE lost 17 points. US markets first fell but closed higher. Dow Jones rose 67 points. S & P rose 20 points and Nasdaq rose 28 points. Hong Kong ADR’s lost 52 points. Night future rose 47 points. We expect the market to rise today.
 
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