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US markets soared but Hong Kong market crashed.
The Hong Kong market opened slightly lower on Friday. Hang Seng index opened down 3 points, H share index down 9 points and technology index down 11 points. Tencent lost 1.5% for 1...
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US markets soared but Hong Kong market crashed.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened slightly lower on Friday. Hang Seng index opened down 3 points, H share index down 9 points and technology index down 11 points. Tencent lost 1.5% for 16-point loss. Alibaba lost 0.9% for 9-point loss. CM Bank lost 2.15% for 4-point loss to lead the losers. On the other hand, AIA rose 0.9% for 11-point gain. Xinyi Glass rose 3.94% to lead the gainers. A shares opened down 19 points. The market fell further after opening as Hang Seng index lost more than 200 points. Mengniu’s major shareholder sold shares in the company. Share price crashed 9% to lead the losers. Mainland developers fell sharply. Longfor lost 7%. Country Garden lost 8.3%. CG Services lost 6.3%. Technology stocks led the fall. Meituan lost 5.1% for 50-point loss. Tencent lost 4.3% for 45-point loss. Alibaba lost 3.8% for 38-point loss. BYD lost 6.5% for 20-point loss. HK Exchanges lost 2.6% for 13-point loss. Electric car shares followed sharply lower. Li Auto lost 7%. XPeng lost 10%. Nio lost 6.8%. Geely lost 3.9%. GAC lost 6.5%. Shipping stocks fell. OOIL lost 7.3%. Cosco Holding lost 2.7%. Cosco Development lost 3%. Retail stocks fell. Anta Sports lost 2.6%. Lining lost 4.6%. Haidilao lost 4.2%. Shabu Shabu lost 5.2%. Local stocks rose against the market. Power Assets rose 2.7% to lead the gainers. Link rose 2.5%. CK Infrastructure rose 1.56%. BOCHK rose 0.6%. A shares closed the morning down 24 points. Hang Seng index closed the morning down 358 points, H share index down 150 points and technology index down 111 points. Turnover was $59.8 billion.

The market fell further in the afternoon, as A shares lost 1.4%. Hang Seng index lost more than 600 points. Technology stocks led the market’s rout. Meituan lost 8.3% for 83-point loss. Tencent lost 6% for 63-point loss. Alibaba lost 5.7% for 59-point loss. AIA lost 4.87% for 58-point loss. JD lost 7.8% for 33-point loss. HK Exchanges lost 5% for 25-point loss. BYD lost 10% for 25-point loss. Prices of Mainland developers fell sharply in the market. Bond prices of Mainland developers fell sharply. Mainland developers fell sharply. Longfor lost 11% to lead the losers. Country Garden lost 10.7%. China Overseas Land lost 4.7%. CR Land lost 4.1%. Mengniu lost 9.7%. OOIL lost 9.4%. Macau gaming shares fell. Galaxy lost 6.2%. Sands lost 5.8%. Among the blue chips, only Power Assets rose 1.1% and Link rose 0.9%. Technology stocks and electric car shares lost the most. GDS lost 16%. XPeng lost 15%. Bili Bili lost 11.1%. Li Auto lost 10.8%. Kuaishou lost 9.5%. Nio lost 9%. Ali Health lost 7.7%. JD Health lost 7.2%. A shares closed down 67 points. Hang Seng index fell to a low of 14770 down 658 points and closed down 565 points. H share index closed down 213 points and technology index down 166 points. Turnover was $124.6 billion. Hang Seng index lost 1348 points for the week.

Last Friday night, overseas markets rose. DAX rose 32 points and CAC rose 29 points. Yet, FTSE lost 26 points. US markets rose on slower inflation data. Dow Jones rose 828 points. S & P rose 94 points and Nasdaq rose 310 points. Hong Kong ADR’s rose 49 points. Night future rose 129 points. We expect the market to rise today.
 
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