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HSBC and Cheung Kong Group fell sharply as the British Pound fell sharply.
The market opened lower on Monday. Hang Seng index opened down 151 points, H share index down 40 points and technology index down 33 points. The British Pound crashed 3.7% against ...
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HSBC and Cheung Kong Group fell sharply as the British Pound fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
2022/09/27 09:08
The market opened lower on Monday. Hang Seng index opened down 151 points, H share index down 40 points and technology index down 33 points. The British Pound crashed 3.7% against the US dollar last Friday. British financial institutions fell sharply. HSBC lost 4.6% for 69-point loss. Standard Chartered lost 5.5%. Prudential lost 2.2%. AIA lost 1.16% for 16-point loss. Alibaba lost 1.5% for 16-point loss. China planned to restart tours to Macau in November. Macau gaming stocks soared. Sands rose 1.28% and Galaxy rose 7.1% to lead the blue chips for 12-point gain respectively. SJM rose 7.8%. Wynn rose 5.86%. MGM rose 6%. Melco rose 8.2%. Wuxi Biologics rose 4% for 13-point gain. Crude oil fell sharply. CNOOC lost 2.35% and Petrochina lost 1.74%. The market rebounded after opening. Hang Seng index turned from loss to gain. Technology stocks led the rally. Meituan rose 5.7% for 70-point gain. Tencent rose 3.85% for 52-point gain. Alibaba rose 2.1% for 27-point gain. Wuxi Biologics rose 4.3% for 14-point gain. Galaxy rose 9.2% for 14-point gain. Sands rose 16.4% for 14-point gain. JD rose 2.7% for 14-point loss. However, HSBC fell 8% for 121-point loss. CNOOC lost 4% for 14-point loss. CKH has a lot of investments in UK. Share price fell 9.4% for 19-point loss. CCB lost 1.3% for 12-point loss. A shares closed the morning down 2 points. Hang Seng index reached a high of 18077, up 144 points. Hang Seng index closed the morning up 31 points, H share index up 70 points and technology index up 86 points. Turnover was $53.9 billion.

The market turned from gain to loss in the afternoon. Hang Seng index lost more than 100 points. HSBC and CK Assets fell sharply due to sharp fall of the British Pound. HSBC lost 8.2% for 121-point loss. and CK Assets lost 9.1% for 16-point loss. AIA lost 1.4% for 19-point loss. CNOOC lost 6.2% for 18-point loss. CKH lost 7% for 15-point loss. CCN lost 1.3% for 14-point loss. On the other hand, technology and Macau gaming stocks rose. Meituan rose 4.2% for 51-point gain. Tencent rose 3.3% for 44-point gain. Sands rose 17% for 14-point gain. Galaxy rose 8.6% for 14-point gain. Wuxi Biologics rose 4.7% to 13-point gain. Consumption stocks rose. Restaurant shares rose sharply. Haidilao rose 4.5%. Shabu Shabu rose 15.6%. Jiumaojiu rose 6.7%. Sportswear shares rose. Anta Sports rose 3.1%. Lining rose 1.28%. Electric car shares rose. XPeng rose 8.64% as its chairman repurchased shares. Li Auto rose 5.67%. BYD rose 1.23%. Local properties fell. New World lost 4.6%. Link lost 3.86%. Wharf lost 3.3%. Henderson Land lost 3.13%. Coal miners fell sharply. YK Australia lost 14%. Yankuang lost 2.73%. China Shenhua lost 2.5%. China Coal lost 3.9%. A shares closed down 37 points. The market rebounded just before the close. Hang Seng index closed down 78 points, but H share index closed up 23 points and technology index up 58 points. Turnover was $104.4 billion.

Overnight, overseas markets mostly fell. The British pound fell to all-time low. Yet, FTSE rose 2 points. DAX lost 56 points and CAC lost 14 points. US markets continued to fall. Dow Jones lost 330 points. S & P lost 38 points and Nasdaq lost 65 points. Hong Kong ADR’s lost 50 points. Night future lost 34 points. We expect the market to rebound today.  
 
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