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The Federal Reserve raised interest rate by 1/4%. Markets’ reaction was muted.
The market opened slightly lower on Wednesday. Hang Seng index opened down 93 points, H share index down 44 points and technology index down 43 points. Technology stocks led the fa...
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The Federal Reserve raised interest rate by 1/4%. Markets’ reaction was muted.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened slightly lower on Wednesday. Hang Seng index opened down 93 points, H share index down 44 points and technology index down 43 points. Technology stocks led the fall. anAlibaba lost 2.26% for 40-point loss. Meietuan lost 1.33% for 16-point loss. JD Health lost 2.32% to top the losers. On the other hand, Xinyi Glass rose 2.4% to lead the gainers. Shanghai composite index opened down 1 point. The market recovered slightly after opening. Alibaba and Meituans’s fall narrowed to 2% and 0.7%. Hang Seng index lost 29 points. Retailers fell. CR Beer lost 2.5%. Lining lost 2.3%. Zhongcheng lost 2.2%. Anta Sports lost 1.6%. Mainland developers were mixed. Country Garden rose 3.36% to lead the blue chips. However, CG Services lost 2.6%. China Overseas Land lost 0.9%. CR Mix lost 0.9%. The market fell further in midmorning. Hang Seng index lost more than 100 points. Alibaba lost 1.94% for 34-point loss. Tencent lost 1.7% for 27-point loss. Meituan lost 1.1% for 13-point loss. AIA lost 1.1% for 15-point loss. CCB lost 1.35% for 12-point loss. Auto stocks fell. XPeng lost 7%. Li Auto lost 1.54%. Geely lost 1.7%. BYD lost 0.8%. L’Occitane was rumored to consider privatization. Share price soared 12%. Shanghai composite index closed the morning down 11 points. Hang Seng index closed the morning down 154 points, H share index down 79 points and technology index down 59 points. Turnover was $44.5 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 100 points. Alibaba lost 2% for 36-point loss. Tencent lost 1.8% for 30-point loss. AIA lost 1.1% for 15-point loss. Techtronic rose 2.3% to lead the gainers. Macau gaming stocks rose. Sands rose 2.3%. Galaxy rose 1.6%. Technology stocks fell. GDS lost 5.8%. Bili Bili lost 3.8%. Chinese Literature lost 3.6%. JD lost 2.3%. Kingsoft lost 2.3%. Baidu lost 1.9%. Weibo lost 1.7%. Handset suppliers fell. Sunny Optical lost 2.7%. AAC lost 2%. Q-Tech lost 1.6%, Cowell lost 1.6%. The market’s fall narrowed in midafternoon, as Hang Seng index lost under 100 points. Alibaba lost 1.4% for 25-point loss. Tencent lost 1.8% for 30-point loss. CG Services lost 8.1% to become the top loser. Longfor lost 3.3%. Country Garden lost 2.7%. Shanghai composite index closed down 8 points. Hang Seng index closed down 69 points, H share index down 55 points and technology index down 38 points. Turnover was $87.5 billion.

Overnight, European markets fell. DAX lost 80 points and FTSE lost 15 points. CAC lost a whooping 100 points. The US Federal Reserve raised interest rate by 1/4% as expected. The market’s reaction was muted. Dow Jones rose 82 points. S & P lost 0.7 point. Nasdaq lost 17 points. Hong Kong ADR’s rose 71 points. Night future rose 166 points. We expect the market to rise today.
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