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HSBC soared 5.3% to help lift the market.
The market opened lower on Monday. Hang Seng index opened down 130 points, H share index down 35 points and technology index down 28 points. Alibaba lost 5.4% to lead the losers fo...
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HSBC soared 5.3% to help lift the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Monday. Hang Seng index opened down 130 points, H share index down 35 points and technology index down 28 points. Alibaba lost 5.4% to lead the losers for 72-point loss. AIA lost 2.85% for 45-point loss. Tencent lost 1.56% for 12-point loss. Wuxi Biologics lost 1.94% for 10-point loss. OOIL rose 2.2% to lead the blue chips. A shares opened down 21 points. The market fell further after opening. Hang Seng index fell below 20000 points. Mainland developers fell. CG Services lost 10% to lead the losers. Country Garden lost 4.3%. Longfor lost 3%. Retail stocks rose. Lining lost 1.8%. Budweiser rose 6%. CR Beer rose 2.58%. Some stocks rose against the market. Meituan rose 1%. Auto stocks rose on Government policy to stimulate car sales. Geely rose 10% for 18-point gain. BYD rose 2.5% for 12-point gain. Li Auto rose 5.7%. Nio rose 9.35%. XPeng rose 6.96%. The market rebounded on the strength of Meituan and auto stocks. Hang Seng index rebounded 200 points. Hang Seng index reached a low of 19884, down 272 points and rebounded to a high of 20133, down only 23 points. Geely rose 11.8% for 21-point gain. Meituan rose 2.6% for 30-point gain. BYD rose 3.3% for 16-point gain. A shares closed the morning up 5 points. Hang Seng index closed the morning down 65 points. H share index closed down 5 points but technology rose 8 points. Turnover was $64.4 billion.

The market continued to rebound in the afternoon. Hang Seng index rose more than 200 points from morning low and turned from loss to gain. HSBC’s interim profit was better than expected and promised to resume quarterly dividend payout next year. Share price rose 5.4% for 90-point gain. Meituan rose 2.6% for 30-point gain. BYD rose 3.6% for 17-point gain. Geely rose 14.3% to lead the gainers for 25-point gain. Electric car shares rose. Nio rose 9%. XPeng rose 6.3%. Li Auto rose 5.95%. Sunny Optical rose 5%. Budweiser rose 7%. Tsingtao Beer rose 5.1%. CR Beer rose 2.4%. However, AIA lost 2.5% for 40-point loss. Alibaba lost 2.7% for 35-point loss. Tencent lost 1.5% for 11-point loss. Wuxi Biologics lost 1.9% for 10-point loss. Mainland developers continued to fall. CG Services lost 10.5% to lead the losers. Country Garden lost 7.6%. China Overseas Land lost 3.23%. Longfor lost 2.67%. CR Land lost 2.44%. Shipping stocks fell. OOIL lost 1.5%. Cosco Holding lost 2.2%. Cosco Development lost 1.6%. Solar power stocks fell. GCL lost 3%. Xinyi Solar lost 1.5%. Xinte lost 3.6%. A shares closed up 7 points. Hang Seng index closed up 9 points, but H share index closed down 8 points and technology index down 7 points. Turnover was $114.9 billion.

Overnight, overseas markets edged lower. Investors were convinced that the Federal Reserve would moderate the pace of interest rate hikes. DAX lost 4 points. CAC lost 11 points and FTSE lost 10 points. US markets ended a 3-day rising streak. Dow Jones lost 47 points. S & P lost 11 points and Nasdaq lost 22 points. Hong Kong ADR’s lost 153 points. Night future lost 228 points. We expect the market to fall today. 
 
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