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Beijing went into lockdown again. Meituan fell sharply to drag down the market.
The Hong Kong market opened higher on Thursday. Hang Seng index opened up 107 points, H share index up 50 points and technology index up 65 points. Technology stocks led the rally....
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Beijing went into lockdown again. Meituan fell sharply to drag down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened higher on Thursday. Hang Seng index opened up 107 points, H share index up 50 points and technology index up 65 points. Technology stocks led the rally. Rumor circulated that the Ant Group was close to relaunch its listing plan again. Alibaba rose 6.8% to lead the blue chips for 103-point gain. Tencent rose 3.2% for 43-point gain. CNOOC rose 4.1% for 17-point gain. BYD rose 3.1% for 16-point gain. Wuxi Biologics rose 2.86% for 14-point gain. On the contrary, CCB lost 1.24% for 15-point loss. ICBC lost 1.52% for 10-point loss. Mainland developers fell. China Overseas Land lost 1.7% to lead the losers. CR Land lost 1.34%. Country Garden lost 1.3%. A shares opened down 6 points. The market’s gain disappeared after opening, as technology stocks fell back from opening highs. Hang Seng index lost more than 100 points. Meituan lost 3.7% for 50-point loss. JD lost 3.7% for 11-point loss. HK Exchanges lost 1.4% for 13-point loss. Consumption stocks fell. CR Beer lost 4%. Budweiser lost 2.9%. Haidilao lost 3.83%. Anta Sports lost 4.3%. Mengniu lost 2.52%. Education shares rose again. Sino Education rose 9%. New Oriental Education rose 14%. Minsheung rose 11%. Tianli Education rose 9.6%. Koolearn rose 4.6%. Mainland developers recovered. CG Services rose 4.86%. Country Garden rose 3.45%. China Overseas Land rose 3%. Longfor rose 3.2%. CR Land rose 2.2%. The Baltic Shipping index fell sharply. Shipping stocks fell. Cosco Holding lost 6.7%. OOIL lost 9.25%. Pacific Basin lost 5.8%. A shares closed down 16 points. Hang Seng index closed down 53 points, H share index down 30 points and technology index down 37 points. Turnover was $91.5 billion.

The market fell further in early afternoon. Hang Seng index lost 100 points. Alibaba rose 2.4% for 37-point gain. Tencent rose 1.07% for 14-point gain. CNOOC rose 3.2% for 14-point gain. Wuxi Biologics rose 2.6% for 12-point gain. On the contrary, Beijing went into lockdown mode again. Meituan lost 4.7% for 62-point loss to drag down the market. HSBC lost 1.5% for 30-point loss. HK Exchanges lost 1.5% for 13-point loss. Lining lost 4.3% for 13-point loss. Xiaomi lost 3.5% for 12-point loss. Sunny Optical lost 6% for 10-point loss. Hang Seng index fell to a low of 21738, down 277 points. However the market had support at low level. Hang Seng index rebounded 100 points. Meituan recovered 1% and the loss narrowed by 15 points. HSBC’s loss narrowed by 10 points. Consumption stocks led the fall. Haidilao lost 6.2%. CR Beer lost 6.1%. Lining lost 4.8%. Anta Sports lost 4.76%. Budweiser lost 3.6%. Demand for smart phones declined. Handset supplier fell. Sunny Optical lost 6%. Q-Tech lost 6%. Gasoline car shares fell. Geely lost 3.8%. Great Wall lost 4.95%. A shares closed down 25 points. Hang Seng index closed down 145 points, H share index down 73 points and technology index down 68 points. Turnover was $163.7 billion.

Overnight, overseas markets fell on worries over inflation. DAX lost 249 points. CAC lost 90 points and FTSE lost 117 points. US markets fell for the second straight day. Investors worried about the inflation data due out today. Dow Jones lost 648 points. S & P lost 98 points and Nasdaq lost 332 points. ADR’s lost 200 points. Night future lost 266 points. Although Alibaba denied that the Ant Group was close to relaunch its listing bid, news came out that the Ant listing plan was imminent. We expect the market to fall today.  
 
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