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RMB exchange rate fell to year low. Hong Kong market fell sharply.
The Hong Kong market fell sharply on Thursday. Hang Seng index opened down 267 points, H share index down 109 points and technology index down 101 points. Alibaba lost 4.4% for 52-...
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RMB exchange rate fell to year low. Hong Kong market fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market fell sharply on Thursday. Hang Seng index opened down 267 points, H share index down 109 points and technology index down 101 points. Alibaba lost 4.4% for 52-point loss. Meituan lost 2.8% for 28-point loss. Tencent lost 2.17% for 26-point loss. HSBC lost 1.24% for 24-point loss. Wuxi Biologics lost 3.2% for 12-point loss. Crude oil rose sharply. Oil stocks led the blue chips. CNOOC rose 1.52% and Petrochina rose 1.07% to become the top gainers. A shares opened down 15 points. The market’s loss narrowed after opening. Hang Seng index rebounded to 19731, down only 93 points. AIA rose 2% for 20-point gain. Meituan rose 3% for 30-point gain. However, the gain could not be sustained and the market fell sharply gain. Hang Seng index lost more than 300 points. Alibaba lost 5.4% for 63-point loss. HSBC lost 1.96% for 38-point loss. CCB lost 1.45% for 17-point loss. JD lost 6.5% for 16-point loss. Pharmaceuticals fell sharply. Zai Lab lost 17.7%. Clover Biopharm lost 13%. Beigene lost 13%. Mainland developers fell. Country Garden lost 6.5%. CG Services lost 3.75%. China Overseas lost 3.9%. Exporters fell. Techtronic lost 3.4%. Shenzhou International lost 3.24%. Sunny Optical lost 3.6%. AAC lost 2.1%. Auto stocks fell. BYD lost 2.8%. Nio lost 7.67%. XPeng lost 6%. Li Auto lost 5.4%. A shares closed the morning down 5 points. Hang Seng index fell to a low of 19515, down 309 points and closed the morning down 208 points. H share index closed 85 down points and technology index down 59 points. Turnover was $57.7 billion.

The market fell further in the afternoon. The RMB exchange rate fell to near 6.8 vs the US dollar, to set year low. Hong Kong’s Monetary Authority had to buy up Hong Kong dollars as it reached the weakside guaranteed rate. Hang Seng index fell by more than 450 points. Alibaba lost 6.4% for 75-point loss. HSBC lost 3% for 59-oint loss. Meituan lost 3.8% for 40-point loss. Tencent lost 2.1% for 25-point loss. JD lost 8.9% for 22-point loss. CCB lost 1.8% for 21-point loss. Xiaomi lost 5.8% for 18-point loss. Ping An lost 2.63% for 16-point loss. BYD lost 3.5% for 14-point loss. AAC announced decline of 61% for its first quarter profit. Share price fell 5%. Domestic consumption stocks fell. Haidilao lost 3.8%. Lining lost 2.3%. The China Resources Group was rumored to privatize Shihuan Pharm. Share price soared 17% before the Company issued denial. Shihuan rose only 3.4% at the close. A shares closed down 3 points. Hang Seng index fell to a low of 19343, down 481 points and closed down 444 points. H share index closed down 174 points and technology index down 154 points. Turnover was $115.6 billion.

Overnight, overseas markets were mostly down. DAX lost 89 points. CAC lost 63 points and FTSE lost 114 points. US markets fell sharply at first but recovered at the close. Dow Jones closed down 104 points. S & P lost 5 points but Nasdaq closed up 6 points. Hong Kong ADR’s lost 66 points. Night future lost 106 points. We expect the market to fall today.  
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