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Overseas investors bailed out of Chinese stocks. Hong Kong market crashed.
The market fell sharply on Monday. Hang Seng index opened down 316 points, H share index down 130 points and technology index down 99 points. Technology index led the fall. Alibaba...
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Overseas investors bailed out of Chinese stocks. Hong Kong market crashed.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market fell sharply on Monday. Hang Seng index opened down 316 points, H share index down 130 points and technology index down 99 points. Technology index led the fall. Alibaba lost 5.2% for 58-point loss. Meituan lost 4.66% for 51-point loss. Tencent lost 3.8% for 43-point loss. JD lost 4.5% for 20-point loss. AIA lost 1.36% for 18-point loss. Longfor lost 7.6% to lead the losers. A shares opened down 4 points. The market fell further after opening. Hang Seng index lost more than 700 points. SEC halted the IPO of small cap Chinese technology stocks. China concept stocks fell sharply. Alibaba, Meituan and Tencent all lost more than 5%. Hang Seng index fell below 16000 points. Alibaba lost 9% for 112-point loss. Tencent lost 7.3% for 83-point loss. Meituan lost 7.5% for 80-point loss. AIA lost 4.55% for 60-point loss. China’s third quarter GDP growth came in at 3.4%, better than expected. But it had no bearing on the market. Mainland developers fell sharply. CG Services lost 9.7% to lead the losers. Longfor lost 9.5%. Country Garden lost 7.7%. China Overseas Land lost 5.5%. CR Land lost 5.1%. Hang Seng index fell to a low of 15440, down 771 points. Gold shares rose against the market. Zhaojin rose 4.2%. ETF rose 2%. SD Gold rose 1%. Hang Seng index fell to a low of 15392, down 819 points. A shares closed the morning down 27 points. Hang Seng index closed down 809 points, H share index down 310 points and technology index down 206 points. Turnover was $81.4 billion.

The market fell further in the afternoon. Hang Seng index lost more than 800 points. Meituan lost 12.6% for 137-point loss. AIA lost 8.9% for 117-point loss. Alibaba lost 10.3% for 117-point loss. Tencent lost 8.9% for 103-point loss. JD lost 11% for 48-point loss. HK Exchanges lost 7.5% for 42-point loss. Then the market fell further with Hang Seng index losing more than 1000 points. Meituan lost 14% for 154-point loss. AIA lost 9.6% for 126-point loss. Alibaba lost 11.6% for 126-point loss. Tencent lost 9.7% for 112-point loss. JD lost 12.5% for 55-point loss. HK Exchanges lost 8.2% for 41-point loss. The market fell further in midafternoon. Hang Seng index fell to a low of 15082, down 1129 points. Technology stocks fell the most. GDS lost 18%. JD Health lost 14%. Ali Health lost 14%. Zhongan lost 13.4%. Bili Bili lost 12%. Tesla cut prices on its lower priced models. Electric car shares fell. BYD lost 5%. XPeng lost 13%. Nio lost 11%. Li Auto lost 8.4%. However, China Oilfield received a big order. Power generators fell sharply. China Power lost 12%. CR Power lost 6.9%. Datang lost 8.1%. Share price rose 5.2% against the falling market. HSBC rose 1.3% for 18-point gain. A shares closed down 61 points. Hang Seng index closed down 1030 points, H share index down 403 points and technology index down 299 points. Turnover was $161.7 billion.

Overnight, overseas markets rose. DAX rose 200 points. CAC rose 96 points and FTSE rose 44 points. US markets rose for the second consecutive day. Dow Jones rose 417 points. S & P rose 44 points and Nasdaq rose 93 points. China Golden Dragon ETF fell 15%. Hong Kong ADR’s lost 90 points. Night future lost 30 points. We expect the market to stabilize today.
 
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