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Technology stocks fell to drag down the market.
The market opened lower on Wednesday. Hang Seng index opened down 76 points, H share index down 37 points and technology down 40 points. Alibaba lost 1.8% for 25-point loss. AIA lo...
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Technology stocks fell to drag down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/05/05 09:11
The market opened lower on Wednesday. Hang Seng index opened down 76 points, H share index down 37 points and technology down 40 points. Alibaba lost 1.8% for 25-point loss. AIA lost 2.1% for 18-point loss. Meituan lost 1.5% for 17-point loss. Tencent lost 1.9% for 24-point loss. On the contrary, HSBC rose 2% for 40-point gain. BYD rose 3% for 13-point gain. BYD reported strong April sales figures to lead the blue chips. The market fell further after opening as Hang Seng index lost more than 200 points. Non-executive director sold shares twice during the past week. Meituan lost 5.5% for 60-point loss. Alibaba lost 3.6% for 50-point loss. Tencent lost 3.3% for 43-point loss. Technology stocks led the fall. However, properties rose. CR Land rose 1.78%. China Overseas Land rose 1%. SHK Property rose 1.6%. MTR rose 1% and Wharf rose 1%. Medical services shares fell sharply. Venus Medtech lost 11%. JD Health lost 9.4%. Microport lost 8.8%. Akeso lost 7.2%. Consumption stocks fell. Haidilao lost 4.8%. Lining lost 4.7%. Anta lost 4.4%. CR Beer lost 2.25%. Macau gaming stocks fell too. Galaxy lost 1.7%. Sands lost 1.66%. Hang Seng index closed the morning down 281 points, H share index down 141 points and technology index down 138 points. Turnover was $41.8 billion.

The market fell further in the afternoon. Meituan lost 5.7% for 61-point loss. Alibaba lost 4.2% for 59-point loss. Tencent lost 3.4% for 44-point loss. Wuxi Biologics lost 6% for 26-point loss. Consumption stocks fell due to lockdown. Haidilao lost 6.2% to become the top loser. Jiumaojiu lost 4.5%. Shabu Shabu lost 4.7%. Anta Sports lost 3.6%. Lining lost 3.6%. CR Beer lost 2.7%. Tsingtao Beer lost 2.9%. Pharmaceutical stocks fell sharply. Innovent lost 9%. Luye Pharm lost 7.1%. Sino Biopharm lost 2.3%. Wuxi Biologics lost 4.2%. Mainland developers fell sharply. Agile lost 4.7%. Vanke lost 3.9%. Country Garden lost 2%. Technology stocks led the fall. Major shareholders sold shares in JD Health. JD Health lost 13%. Bili Bili lost 7.2%. Ali Health lost 6.6%. PA Good Doctor lost 6%. Kuaishou lost 5%. Metals shares fell. Chalco lost 3%. Jiangxi Copper lost 2%. MMG lost 3.3%. Coal miners fell. China Coal lost 2 %. Shenhua lost 2.15%. Yankuang lost 2.9%. However, fertilizer shares rose against the market. Sinofert rose 6.9%. China Bluechem rose 4.4%. XLX rose 2.4%. Hang Seng index fell to a low of 20773, down 329 points. Hang Seng index closed down 232 points, H share index down 129 points and technology index down 145 points. Trading was extremely quiet. Turnover was $72.4 billion.

Overnight, overseas markets were mixed. EU decided to ban the import of Russian oil starting the end of 2022. Crude oil rose sharply. European markets fell. DAX lost 68 points. CAC lost 80 points and FTSE lost 68 points. The Federal Reserve increased interest rate by 1/2% as expected. Powell announced that interest rate would not be increased by 3/4%. US markets soared. Dow Jones rose 932 points. S & P rose 124 and Nasdaq rose 401 points. Hong Kong ADR’s rose 157 points. Night future rose 215 points. We expect the market to rebound today.
 
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