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Hong Kong market fell sharply
The market opened lower on Friday. Hang Seng index opened down 147 points, H share index down 49 points and technology index down 42 points. HSBC lost 1.73% for 33-point loss. Alib...
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Hong Kong market fell sharply
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Friday. Hang Seng index opened down 147 points, H share index down 49 points and technology index down 42 points. HSBC lost 1.73% for 33-point loss. Alibaba lost 1.65% for 31-point gain. Meituan lost 1.92% for 25-point loss. JD lost 3.3% to become the top loser for 22-point loss. A shares opened down 10 points. The market fell further after opening, as Hang Seng index lost more than 400 points. Baidu lost 2.8%. Heavyweights fell further. HSBC lost 3% for 56-point loss. Alibaba lost 2.76% for 50-point loss. Meituan lost 2.5% for 34-point loss. Ping An lost 4% for 29-point loss. AIA lost 1.87% for 30-point loss. CM Bank lost 3.5% for 13-point loss. BYD lost 2.2% for 10-point loss. Mainland developers and management shares fell. CG Services lost 5.8% to lead the losers. Country Garden lost 2.75%. Longfor lost 3.9%. China Overseas Land lost 1.96%. However, local properties rose. Hang Lung rose 1.8%. SHK Property rose 1.35%. Link rose 0.7%. Online game shares fell after Thursday’s surge. Forgame lost 12%. Digital Hollywood lost 10%. Hang Seng index reached the low of 21459, down 498 points and closed the morning down 400 points. H share index down 147 points and technology index down 86 points. Turnover was $71.8 billion.

The market’s loss narrowed in the afternoon. Hang Seng index lost more than 300 points. HSBC lost 3.3% for 60-point loss. Alibaba lost 2.85% for 55-point loss. Meituan lost 2.4% for 31-point loss. Ping An lost 3.9% for 27-point loss. China Life lost 3.2%. Mainland developers fell. Country Garden lost 3.8%. Longfor lost 3.3%. CG Services lost 6.9% to become the top loser. Xinyi Glass lost 4.5%. Baidu, which rose sharply this week fell to profit taking and lost 4%. However, Senesetime rose 3.66%. Berkshire Hathaway cut stake in BYD again. BYD lost 2.7%. Geely lost 2.34%. XPeng lost 2.8%. Nio lost 1.5%. Li Auto lost 4.1%. Oil stocks fell on lower oil prices. Petrochina lost 2.85%. Sinopec lost 2.82%. CT Enterprise, which fell sharply on Thursday, resumed its climb and rose 28% again. Techtronic rose 2.8% to lead the blue chips for 9-point gain. Hong Kong will re-open borders with China Monday. Reopening concept stocks rose. Kwun Chung Bus rose 19%. China Travel HK rose 6.6%. A shares closed down 22 points. Hang Seng index closed down 298 points, H share index down 119 points and technology index down 62 points. Turnover was $130 billion.

Last Friday night, overseas markets were mixed. European markets had no direction. DAX lost 33 points but CAC rose 67 points and FTSE rose 81 points. US markets fell as non-farm payroll increased by 517000 in January. The unemployment rate fell to 3.4%. Dow Jones lost 128 points. S & P lost 43 points and Nasdaq lost 194 points. Hong Kong ADR’s lost 99 points and night future lost 96 points. We expect the market to fall today.
 
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