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The Chinese Government would establish a fund to resolve the unfinished flat crisis.
The market opened slightly lower on Monday. Hang Seng index opened down 93 points, H share index down 38 points and technology index down 35 points. Alibaba lost 2% to lead the los...
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The Chinese Government would establish a fund to resolve the unfinished flat crisis.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly lower on Monday. Hang Seng index opened down 93 points, H share index down 38 points and technology index down 35 points. Alibaba lost 2% to lead the losers for 30-point loss. HSBC lost 0.72% for 12-point loss. Electric car shares fell sharply. BYD lost 3.2%. Nio lost 7.1%. Li Auto lost 7.7% and XPeng lost 7%. A shares opened down 3 points. The market fell further after opening as Hang Seng index lost more than 200 points and fell to a low of 20407, down 202 points. Technology stocks led the fall. Meituan lost 3.2% for 40-point loss. Alibaba lost 2.3% for 35-point loss. Wuxi Biologics lost 4.7% for 27-point loss. BYD lost 3.2% for 15-point loss. Tencent lost 1.6% for 13-point loss. Zhengcheng lost 4.8% to lead the losers. However the market had support at low level and rebounded about 100 points. Financials and Mainland developers led the rally. CCB rose 1% for 10-point gain. Ping An rose 0.9%. CM Bank rose 1.2%. HSBC rose 0.3%. Mainland developers led the gainers. CR Land rose 3.9% for 8-point gain. China Overseas rose 4.2% for 7-point gain. Longfor rose 7.5% for 7-point gain. Cifi rose 10%. Country Garden rose 4.5%. However, pharmaceuticals fell. Sino Biopharm lost 2.34%. Wuxi Biologics lost 4.8%. Akeso lost 4.8%. BRII lost 5.5%. A shares closed the morning down 23 points. Hang Seng index closed the morning down 154 points, H share index down 67 points and technology index down 90 points. Turnover was $48 billion..

The market fell further in early afternoon, as Hang Seng index lost 200 points. Technology stocks led the decline. Meituan lost 3.3% fort 41-point loss. Alibaba lost 2.45% for 36-point loss. Wuxi Biologics lost 6.2% for 36-point loss. Tencent lost 3% for 25-point loss. BYD lost 2.5% for 12-point loss. On the other hand, Mainland developers led the gainers. The Government establish a RMB 300 billion fund to resolve the unfinished flat crisis. Longfor rose 6.8%. Country Garden rose 4.8%. CR Land rose 2.5%. CR Services rose 2.5%. China Overseas Land rose 1.4%. Hang Seng index fell to a low of 20354, down 255 points. The market had support at low level. Financials led the rebound. AIA rose 1.2% for 19-point gain. CCB rose 1% for 10-point gain. Goldminers rose. Zhaojin rose 2.3%. SD Gold rose 1.25%. Zijin rose 0.9%. However, shipping stocks fell sharply. OOIL lost 5.6%. Cosco Holding lost 1.3%. Pacific Basin lost 2.4%. New energy stocks and baby formula stocks fell sharply. Xinte Energy crashed 11%. China Feihe lost 12%. Mengniu lost 2.24%. A shares closed down 19 points. Hang Seng index closed down 46 points, H share index down 29 points and technology index down 63 points. Turnover was $89.4 billion.

Overnight, overseas markets were mixed. DAX lost 43 points but CAC gained 21 points and FTSE gained 30 points. US markets had no direction. Dow Jones rose 91 points. S & P rose 5 points but Nasdaq lost 51 points. Hong Kong ADR’s rose 40 points. Night future rose 86 points. We expect the market to rebound today.
 
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