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The Federal Reserve raised interest rate by 3/4%. US markets fell sharply.
The Federal Reserve raised interest rate by 3/4% overnight. US markets fell sharply. The Hong Kong market followed and fell sharply on Thursday. Hang Seng index opened down 363 poi...
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The Federal Reserve raised interest rate by 3/4%. US markets fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/09/23 09:14
The Federal Reserve raised interest rate by 3/4% overnight. US markets fell sharply. The Hong Kong market followed and fell sharply on Thursday. Hang Seng index opened down 363 points, H share index down 122 points and technology index down 111 points. Heavyweights fell sharply. Alibaba lost 3.67% for 49-point loss. AIA lost 3% for 43-point loss. HSBC lost 1.9% for 29-point loss. Meituan lost 2.15% for 27-point loss. JD lost 3.4% for 20-point loss. Tencent lost 1.4% for 20-point loss. Wuxi Biologics lost 4.96% for 14-point loss. Sunny Optical lost 7.54% to become the top loser at opening. A shares opened down 18 points. The market fell further after opening. Hang Seng index lost more than 400 points. Blue chips fell across the board except for WH Group, which rose 1.1%. Auto shares fell sharply. XPeng lost 10%. Nio lost 8.7% and Li Auto lost 4.9%. BYD lost 3.6%. Geely lost 3.2%. Internet stocks fell. Trip.com lost 6.2%. Baidu lost 5%. JD lost 4.2%. Kuaishou lost 3%. Hang Seng index fell below 18000 points to a low of 17965, down 479 points. The market had support at low level and rebounded about 100 points. Macau gaming stocks led the fall. Sands lost 4.23% to lead the losers. Galaxy lost 3.9%. SJM lost 11% and Wynn lost 5.3%. Defense related stocks rose against the market. COMEC rose 5%. HK Aero Tech rose 6%. Shipping stocks were mixed. OOIL lost 2.9%. Pacific Basin lost 3%. Cosco Holding lost 2.6%. However, Cosco Energy rose 3.55% against the market. A shares closed the market down 9 points. Hang Seng index closed the morning down 347 points, H share index down 98 points and technology index down 77 points. Turnover was $47.8 billion.

The market was little changed in the afternoon. Hang Seng index lost more than 300 points. HSBC announced 1/8% hike in Hong Kong’s prime rate. HSBC lost 4% for 61-point loss. Alibaba lost 3.25% for 43-point loss. AIA lost 2.6% for 37-point loss. Meituan lost 2.32% for 30-point loss. JD lost 2.9% for 17-point loss. HK Exchanges lost 4% for 23-point loss. Tencent lost 1.26% for 18-point loss. Coal miners rose against the market. Yankuang rose 3.86%. YK Australia rose 3.5%. China Shenhua rose 1.4%. China Coal rose 5.2%. Sinopec rose 1.16%. Petrochina rose 0.3%. Mainland developers also rose against the market. Country Garden rose 1.83%. Longfor rose 1.16%. Consumption stocks rose. WH Group rose 1.5%. Budweiser rose 1.8%. Chow Tai Fook rose 0.64%. Electric car shares fell further. XPeng lost 13.4%. Nio lost 8.23%. Li Auto lost 4.4%. BYD lost 1.56%. Glass manufacturers fell. Xinyi Glass lost 4.7% to lead the losers. Flat Glass lost 1.9%. China Glass lost 2.1%. A shares closed down 8 points. Hang Seng index closed down 296 points, H share index down 71 points and technology index down 63 points. Turnover was $81.3 billion.

Overnight, overseas market fell as interest rates rose. DAX lost 235 points. CAC lost 113 points and FTSE lost 78 points. US 10-year treasury yield rose to 11-year high. Dow Jones lost 107 points. S & P lost 32 points and Nasdaq lost 153 points. Hong Kong ADR’s lost 63 points. Night future lost 67 points. We expect the market to fall today.
 
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