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Tencent and Netease rose sharply to support the market.
The Hong Kong market opened lower on Wednesday. Hang Seng index opened down 62 points, H share index down 23 points and technology index down 23 points. Alibaba lost 1.4% for 28-po...
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Tencent and Netease rose sharply to support the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened lower on Wednesday. Hang Seng index opened down 62 points, H share index down 23 points and technology index down 23 points. Alibaba lost 1.4% for 28-point loss. Meituan lost 1.64% for 21-point loss. JD lost 3.1% for 20-point loss. HK Exchanges lost 1.45% for 11-point loss. On the contrary, Tencent rose 1.66% for 31-point gain. Netease rose 4.8% to lead the blue chips for 9-point gain. A shares opened up 3 points. The market rose slightly after opening. AIA rose 1.4% for16-point gain. The Chinese Government approved more online games. Tencent and Netease rose. Hang Seng index lost more than 100 points, as Alibaba, Meituan and JD led the fall. Koolearn announced turned from loss to a half-year profit of RMB566 million. Share price fell 6.4%. New Oriental lost 12%. Sino Education lost 3.7%. New Higher Education lost 4.2%. The market turned from loss to gain in midmorning. Tencent rose 1% for 17-point gain. Netease rose 5.6% for 10-point gain. Alibaba, Meituan and JD’s losses narrowed. CNOOC rose 3.25% for 11-point gain. Sunny Optical rose 5.5%. AAC rose 2.5%. Cowell rose 3%. Macau gaming share rose. Galaxy rose 3.6%. Sands rose 3%. Consumption shares rose. Haidilao rose 3.67%. Anta Sports rose 2.8%. Lining rose 2%. Shanghai composite index closed the morning down a fraction. Hang Seng index reached a high of 21691, up 114 points but turned from gain to loss near morning’s close. Hang Seng index closed the morning down 28 points, H share index down 10 points, and technology index down 7 points. Turnover was $72.5 billion.

The market turned from loss to gain. Tencent rose 1.5% for 28-point gain. Netease rose 6% for 11-point gain. Techtronic rose 6% for 17-point gain. CNOOC rose 3.6% for 13=point gain. Ping An rose 1.6% for 11-point gain. Macau gaming shares rose. Sands rose 4.5% and Galaxy rose 3.6%. On the contrary, Meituan lost 1.15% for 14-point loss. Alibaba lost 0.7% for 11-point loss. Tesla took the lead in cutting prices. Electric car makers fell. XPeng cut prices on its cars. Share price lost 3.2%. Li Auto lost 2.1%. Car dealers fell. Zhongcheng lost 9% to lead the losers. Yongda issued profit warning. Share price fell 2.6%. Mainland developers fell. Country Garden repaid US dollar senior bond. Yet, share price fell 6.7%. CG Services lost 5.2%. Longfor lost 2.3%. China Overseas Land lost 1.2%. Cifi lost 5.1%. Bitcoin rebounded 30% from low level. Meitu rose 8%. A shares closed unchanged. Hang Seng index closed up 100 points, H share index up 26 points and technology index up 24 points. Turnover was $127.8 billion.

Overnight overseas markets mostly fell. DAX lost 5 points; FTSE lost 20 points but CAC rose 6 points. US markets fell sharply when a Federal Reserve Governor said interest would continue to rise this year. Dow Jones lost 614 points. S&P lost 62 points and Nasdaq lost 138 points. ADR’s lost 178 points and night futures lost 68 points. We expect the market to fall today. 
 
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