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The Hong Kong market fell sharply, as US markets fell on high inflation reading.
The Hong Kong market fell sharply on Wednesday, as US markets crashed Tuesday night on higher inflation data. Hang Seng index opened down 393 points, H share index down 144 points ...
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The Hong Kong market fell sharply, as US markets fell on high inflation reading.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market fell sharply on Wednesday, as US markets crashed Tuesday night on higher inflation data. Hang Seng index opened down 393 points, H share index down 144 points and technology index down 104 points. Alibaba lost 3.73% for 55-point loss. HSBC lost 2.45% for 39-point loss. Meituan lost 2.64% for 36-point loss. JD lost 3.4% for 22-point loss. Tencent lost 1.44% for 21-point loss. HK Exchanges lost 2.6% for 16-point loss. Baidu lost 5% to lead the losers at opening. A shares opened down 26 points. The market fell further after opening, as Hang Seng index lost close to 500 points. US interest rates rose and hurt the housing market. Techtronic lost 10% to become the top loser. Internet stocks led the fall. JD lost 4.8%. Baidu lost 4.4%. Alibaba lost 4.33%. Ali Health lost 4.2%. Bili Bili lost 5.2%. Zhongan lost 4.4%. Pharmaceutical stocks were mixed. Wuxi Biologics lost 4.7%. Zai Lab lost 6.2%. EC Health lost 6.2%. Kintor lost 6%. However, Wuxi Apptec rose 3.7%. Pharmaron rose 5.3%. The value of Bitcoin fell sharply. Related shares fell. Huobi Tech lost 4.8%. AKG lost 3.1%. Auto stocks were mixed. Geely lost 4.67%. BYD lost 4.2%. XPeng lost 2.3%. Great Wall lost 3.4%. However, Nio rose 3.3%. Li Auto rose 2.32%. A shares closed down 33 points. Hang Seng index fell to a low of 18813, down 514 points, and closed down 492 points. H share index closed down 165 points and technology index down 120 points. Turnover was $52.1 billion.

The market was little changed in early afternoon. Hang Seng index lost about 500 points. Alibaba lost 4.4% for 64-point loss. HSBC lost 2.66% for 42-point loss. AIA lost 2.72% for 40-point loss. Meituan lost 2.5% for 34-point loss. Techtronic lost 10.5% for 27-point loss. CNOOC repurchased shares. Share price rose 2%. In addition, OOIL rose 0.4%. These were the only two blue chip gainers.Handset suppliers fell. Sunny Optical lost 4.6%. AAC lost 3.1%. Q-Tech lost 3.3%. BYD Electronic lost 3.8%. Retail stocks fell. Lining lost 4.1%. Anta Sports lost 4%. Haidilao lost 3%. L’Occitane lost 4.67%. Nongfu Spring lost 3.6%. Gome Retail crashed 23% as major shareholder sold shares. Chow Tai Fook’s general offer to acquire all the shares of Giordano failed to receive the support of 50% of the shareholders. The offer failed. Share price fell 9.2%. The Government asked banks to report on their loans to the Fosun Group. The Fosun Group of companies continued to fall. Fosun lost 7.55%. Fosun Tourism lost 7.6%. Fosun Pharma lost 2.83%. Tencent and Netease had games approved by the authorities. However, the shares still lost 1.4% and 1.65% respectively. A shares closed down 25 points. Hang Seng index closed down 479 points, H share index down 162 points and technology index down 115 points. Turnover was $93.8 billion.

Overnight, overseas markets were mixed. European markets fell. DAX lost 161 points. CAC lost 23 points and FTSE lost 108 points. US markets stabilized. Dow Jones rose 30 points. S & P rose 13 points and Nasdaq rose 86 points. Hong Kong ADR’s lost 31 points and night future lost 7 points. We expect the market to stabilize today.
 
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