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Technology stocks dragged down the market.
The market opened higher on Monday. Hang Seng index opened up 80 points, H share index up 26 points and technology index up 0.5 point. Tencent rose 1.5% for 22-point gain. AIA rose...
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Technology stocks dragged down the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Monday. Hang Seng index opened up 80 points, H share index up 26 points and technology index up 0.5 point. Tencent rose 1.5% for 22-point gain. AIA rose 1.2% for 17-point gain. Netease rose 7% to lead the blue chips for 10-point gain. Senzhou International rose 5.3%. Baidu rose 5%. On the other hand, ENN lost 5% for 9-point loss to lead the losers. Sunny Optical lost 3%. Shanghai composite index opened up 11 points. The market was little changed after opening as Hang Seng index rose slightly. Meituan lost 2.5% for 25-point loss to cancel out the gains by Tencent, AIA and HSBC. The market turned negative in midmorning as Hang Seng index turned from gain to loss. Meituan fell 7% even though its results were better than expected. Investors dumped Meituan for 70-point loss. Tencent lost 1.36% for 20-point loss. BYD lost 2% for 7-point loss. On the other hand, HSBC rose 1.1% for 21-point gain. AIA rose 1% for 15-point gain. However, coal miners fell on increased inventory. Yankuang lost 9%. China Shenhua lost 5%. China Coal lost 5%. Sunny Optical lost 5.8%. Q-Tech lost 2.9%. CR Beer lost 3.3%. Techtronic lost 3.2%. However, oils rose. Sinopec rose 2.6%. Petrochina rose 2.5%. Baidu rose 3.3% as it prepares to launch a stronger version of AI. Netease rose 7.8% to lead the blue chip on good results. Shanghai composite index closed the morning up 4 points. Hang Seng index closed the morning down 49 points, H share index down 37 points and technology down 16 points. Turnover was $58.9 bilion.

The market’s loss widened in the afternoon. Hang Seng index lost more than 100 points. Meituan lost 7.7% for 75-point loss. Tencent lost 2.9% for 43-point loss. BYD lost 2.9% for 12-point loss. On the other hand, HSBC rose 1% for 19-point gain. CCB rose 1% for 10-point gain. ICBC rose 1.2%. BOC rose 1.3%. Netease’s results beat expectations. Share price rose 7.9% to lead the blue chips for 8-point gain. Sinopec rose 3.4%. Petrochina rose 3.45%. Zhongcheng lost 8.7% to become the top loser. Auto shares fell. BYD lost 2.9%. Geely lost 1.2%. Great Wall lost 4.8%. Nio lost 4%. Consumption shares fell. Lining lost 4.2%. Anta Sports lost 2.7%. Haidilao lost 2.24%. Chow Tai Fook lost 2%. Chow Sang Sang lost 3.2%. Sa Sa International lost 7.2%. Power generators rose. Huaneng International rose 7.5%. Datang Power rose 9.2% Huadian International rose 10.6%. Semiconductor shares rose. SMIC rose 3.6%. Huahong Semiconductor rose 2.8%. Solomon Systech rose 4.2%. Shanghai composite index closed up 9 points. Hang Seng index closed down 195 points, H share index down 82 points and technology index down 43 points. Turnover was $110.5 billion.

Overnight, European markets were mixed. DAX lost 31 points and CAC lost 15 points; but FTSE rose 56 points. US markets were closed for Memorial Day holiday. Night future lost 173 points. We expect the market to rebound today.
 
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