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US interest rates rose and China’s September trade data was disappointing. Hong Kong stocks fell sharply.
US interest rates rose Thursday night. The Hong Kong market opened sharply lower on Friday. The market retreated after Thursday’s surge. Hang Seng index opened down 291 point...
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US interest rates rose and China’s September trade data was disappointing. Hong Kong stocks fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
US interest rates rose Thursday night. The Hong Kong market opened sharply lower on Friday. The market retreated after Thursday’s surge. Hang Seng index opened down 291 points, H share index dddown 119 points and technology index down 110 points. Technology stocks led the fall. Alibaba lost 3% for 42-point loss. Meituan lost 3.3% for 35-point loss. AIA lost 2% for 26-point loss. JD lost 7.4% to lead the losers for 25-point loss. Tencent lost 1.2% for 17-point loss. Shanghai composite index opened down 16 points. The market fell further after opening. Hang Seng index lost 300+ points. China’s economic data were disappointing. Hong Kong stocks fell. Technology stocks led the fall. Alibaba lost 3.4% for 47-point loss. JD issued profit warning.lost 11.2% for 38-point loss. Tencent lost 2.15% for 30-point loss. AIA lost 3% for 40-point loss. Meituan lost 3.9% for 42-point loss. GDS lost 4.3%. Weibo lost 4.3%. Baidu lost 4.1%. Bili Bili lost 3.8%. Auto stocks fell. Nio lost 4.1%. XPeng lost 3.5%. Li Auto lost 2.5%. BYD lost 1.2%. Zhongcheng lost 4.1%. Local properties fell. Henderson Land lost 2.1%. Link lost 2%. Wharf lost 2.8%. New World lost 2.%. Retail stocks fell. Chow Tai Fook lost 3.63%. Mengniu lost 3%. Haidilao lost 3.25%. Tingyi lost 2.9%. Budweiser lost 2.5%. Nongfu Spring lost 2.2%. Shanghai composite index closed the morning down 20 points. Hang Seng index reached a low of 17844 points, down 394 points and closed the morning down 385 points. H share index closed down 132 points and technology index down 126 points. Turnover was $45.3 billion.

The market was little changed in early afternoon. Hang Seng index lost more than 300 points. Alibaba lost 3.3% for 45-point loss. JD lost 11.8% for 40-point loss. AIA lost 2.8% for 37-point loss. Tencent lost 2.9% for 41-point loss. Meituan lost 3.9% for 42-point loss. HSBC lost 1.1% for 20-point loss. Weight reduction drug Ozempic concept stocks rose. Hansoh Pharm rose 4.3%. Innovent rose 3.5%. United Lab rose 5%. The market fell further in midafternoon, as Hang Seng index lost more than 400 points. Heavyweights fell further. Alibaba lost 3.8% for 53-point loss. JD lost 13% for 42-point loss. Tencent lost 3.3% for 47-point loss. AIA lost 3% for 39-point loss. HSBC lost 1.5% for 27-point loss. Macau gaming stocks fell. Sands lost 4.2%. Galaxy lost 2.7%. SJM lost 4.45%. Wynn lost 3%. CR Cement issued profit warning. Share price crashed 8%. Conch Cement lost 3.1%. CNBM lost 3%. Shanghai composite index closed down 22 points. Hang Seng index closed down 424 points, H share index down 151 points and technology index down 139 points. Turnover was $84.2 billion.

Last Friday night, European markets fell. DAX lost 238 points. CAC lost 101 points and FTSE lost 45 points. US markets were mixed. Banks lift Dow Jones rose 39 points. S & P lost 22 points and Nasdaq lost 167 points. Hong Kong ADR’s lost 115 points. Night future lost 60 points. We expect the market to fall today.
 
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