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Hong Kong market followed US markets and fell sharply.
Dow Jones lost more than 1000 points last Thursday. The Hong Kong market fell sharply last Friday. Hang Seng index opened down 506 points, H share index down 188 points and technol...
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Hong Kong market followed US markets and fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/05/10 09:17
Dow Jones lost more than 1000 points last Thursday. The Hong Kong market fell sharply last Friday. Hang Seng index opened down 506 points, H share index down 188 points and technology index down 160 points. Technology stocks led the fall. Alibaba lost 4.8% for 64-point loss. Meituan lost 5.9% to lead the losers for 62-point loss. HSBC lost 2.87% for 59-point loss. Tencent lost 3.77% for 47-point loss. AIA lost 2.16% for 23-point loss. Among the blue chips, only Nongfu Spring rose 0.12%. Second line technology stocks fell sharply. JD lost 4.4%. Ali Health lost 4.35%. Xiaomi lost 4.15%. GDS lost 6.54%. Bili Bili lost 6.1%. Kuaishou lost 4.7%. Electric car shares fell sharply. XPeng lost 10.1%. Li Auto lost 4.5%. Nio lost 12%. BYD lost 3.5%. A shares opened down 55 points. The market fell further after opening. Hang Seng index lost more than 800 point and fell below 20000 points, to reach a low of 19976, down 816 points. The exchange rate of RMB fell sharply by 600 points. Investors sold Chinese concept stocks. Pharmaceutical shares fell. Shihuan lost 10%. Hutchmed lost 9.1%. Mabpharm lost 7.6%. Ascletis lost 6%. Industrial stocks fell. Techtronic lost 8.2% to top the losers. Shenzhou International lost 6.7%. Sunny Optical lost 4.7%. A shares closed the morning down 73 points and fell below 3000 points. Hang Seng index closed down 743 points but closed at 20051. H share index closed down 289 points and technology index down 214 points. Turnover was $67.3 billion.

The market fell further in the afternoon. Hang Seng index lost more than 800 points and fell below 20000 points again. Alibaba lost 7.2% for 97-point loss. HSBC lost 3.3% for 67-point loss. Tencent lost 4.6% for 57-point loss. Meituan lost 4.9% for 51-point loss. HK Exchanges lost 3.82% for 30-point loss. AIA lost 2.95% for 31-point loss. Lenovo rose 2.1% against the market, as the Chinese Government ordered Government agencies to buy China made computers. Mainland properties fell. Country Garden lost 10%. CG Services lost 106%. China Overseas Land lost 6.5%. Longfor lost 5.4%. The Caixin April PMI fell sharply to 36.4, from 42 in March. Consumption stocks fell on the poor economic news. CR Beer lost 10%. Budweiser lost 7.4%. Haidilao lost 7.4%. Mengniu lost 6.2%. China Feihe lost 7.1%. Zhou Hei Ya lost 6.5%. Lining lost 7.2%. Anta Sports lost 5.9%. Pharmaceutical stocks fell sharply. Wuxi Biologics lost 6.6%. Clover Biopharm lost 26%. Zai Lab lost 7.6%. Genscript lost 6.3%. A share closed down 66 points at 3003 points. Hang Seng index closed down 791 points, H share index 308 down points and technology index down 222 points. Turnover was $117.8 billion.

Overnight, overseas markets fell sharply. European markets lost 2%+. DAX lost 293 points. CAC lost 172 points and FTSE lost 171 points. US markets fell sharply for 3 consecutive days. Dow Jones lost 653 points. S & P lost 132 points and Nasdaq lost 521 points. ADR’s lost 466 points. Night future lost 181 points. We expect the market to fall sharply today. Hang Seng index will fall below 20000 points.  
 
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