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The Baltic dry cargo index fell sharply. Shipping stocks fell sharply
The Hong Kong market opened lower on Monday. Hang Seng index opened down 137 points, H share index down 48 points and technology index down 40 points. AIA lost 1.03% for 16-point l...
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The Baltic dry cargo index fell sharply. Shipping stocks fell sharply
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/08/16 09:16
The Hong Kong market opened lower on Monday. Hang Seng index opened down 137 points, H share index down 48 points and technology index down 40 points. AIA lost 1.03% for 16-point loss. Alibaba lost 1.2% for 16-point loss. HSBC lost 0.76% for 13-point loss. Wuxi Biologics lost 2.2% for 11-point loss. CG Services lost 2.2% to lead the losers at opening. The market turned from loss to gain momentarily as Meituan rose 1.73% for 23-point gain. The Baltic shipping index fell 5%. OOIL lost 9.21% to lead the losers. Cosco Holding lost 3.23%. Pacific Basin lost 2.6%. Oil stocks fell. Sinopec lost 1.9%. Petrochina lost 1.4%. CNOOC lost 0.5%. SMIC lost 1.76%. Huahong Semiconductor lost 1.15%. Haidilao issued profit warning but share price rose 6%. Shabu Shabu rose 1.27%. Jiumaojiu rose 2.76%. However, the gain was short-lived the market fell again. Hang Seng index lost more than 100 points. HSBC lost 0.86% for 15-point loss. CCB lost 1.2% for 12-point loss. Tencent lost 1.3% for 18-point loss. OOIL lost 14% for 10-point loss. Hang Seng index fell to a low of 19984, down 191 points. However, the market rebounded from morning low. Hang Seng index lost under 100 points. A share closed the morning down 2 points. Hang Seng index closed down 57 points. H share index closed down 15 points and technology index down 13 points. Turnover was $43.8 billion.

The market was little changed in the afternoon. Hang Seng index lost about 50 points. Tencent lost 1% for 15-point loss. OOIL lost 14% for 10-point loss. SMIC lost 6% for 8-point loss. HSBC lost 0.5% for 8-point loss. However, Meituan rose 2.4% for 33-point gain. Solar energy stocks rose. GCL Technology rose 5.1%. Xintec Energy rose 2.9%. The five ADR’s that announced withdrawal from the US markets fell. Chalco lost 2%. China Life lost 1.9%. Shanghai Petroleum lost 2.36%. Sinopec lost 2.4%. Petrochina lost 3.4%. China’s July economic data showed slowdown in industrial profit, retail sales and fixed asset investment. All the indicators were below expectation. The market fell further in midafternoon, as Hang Seng index lost more than 100 points. Tencent lost 1.7% for 24-point loss. HSBC lost 0.95% for 17-point loss. Alibaba lost 0.8% for 12-point loss. OOIL lost 15.7% for 10-point loss. Meituan rose 1% for 16-point gain. A shares closed down 0.8 point. Hang Seng index closed down 134 points, H share index down 43 points and technology index down 42 points. Turnover was $73.8 billion.

Overnight, overseas markets rose. European markets edged higher. DAX rose 21 points. CAC rose 21 points and FTSE rose 8 points. US markets rose. Dow Jones rose for the fourth straight session by 151 points. S & P rose 17 points and Nasdaq rose 81 points. Hong Kong ADR’s lost 37 points. Night future rose 32 points. We expect the market to fall today.
 
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