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Hong Kong stocks closed lower as Ping An closed lower.
The market opened lower on Wednesday. Hang Seng index opened down 20 points, H share index down 2 points and technology index down 10 points. AIA lost 1.7% for 22-point loss. Ping ...
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Hong Kong stocks closed lower as Ping An closed lower.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Wednesday. Hang Seng index opened down 20 points, H share index down 2 points and technology index down 10 points. AIA lost 1.7% for 22-point loss. Ping An lost 1.6% for 7-point loss. Lenovo lost 2.2% to become the top loser at opening. On the other hand, HSBC rose 0.51% for 8-point gain. Anta Sports rose 1.8% to lead the gainers. Shanghai composite index opened down 6 points. Crude oil fell sharply. CNOOC lost 1.4%. Petrochina lost 1%. Sinopec lost 1%. Ping An lost 1.7% for 8-point loss. The market turned from loss to gain after opening as Hang Seng index rose under 100 points. Tencent rose 1.8% for 25-point gain. Alibaba rose 0.7% for 11-point gain. Meituan rose 1.3% for 13-point gain. Wuxi Biologics is arranging the spinoff of Wuxi XDC. Share price rose 6.2% to lead the blue chips for 19-point gain. Medical shares followed Wuxi higher. Hansoh Pharm rose 3.55%. Sino Biopharm rose 3.8%. JD Health rose 3.3%. CSPC rose 2.6%. Ali Health rose 2.25%. Mainland developers rose. Longfor rose 4.1%. Country Garden rose 4%. Evergrande rose 4.2%. Sunac rose 4.55%. Shanghai composite index closed the morning up 1 point. Hang Seng index reached a high of 17753 points, up 83 points and closed the morning up only 8 points. H share index closed the morning down 3 points but technology index up 6 points. Turnover was $ 44.8 billion.

The market was little changed in the afternoon. Hang Seng index rose slightly. Wuxi Biologics rose 4.8% for 15-point gain. Xiaomi rose 3.16% for 12-point gain. HSBC rose 0.42% for 7-point gain. Tencent rose 0.65% for 9-point gain. On the other hand, AIA lost 0.78% for 10-point loss. HK Exchanges lost 1.44% for 8-point loss. CNOOC lost 2.5% for 8-point loss. Lenovo lost 3.76% to become the top loser. Pharmaceutical shares rose. Sino Biopharm rose 4.7% to lead the blue chips. Sinopharm rose 2.55%. Hansoh Pharm rose 2.2%. CSPC rose 2.2%. Zai Lab rose 8.6%. Wuxi Apptec rose 17%. Cornerstone Pharm rose 6.6%. Hong Kong landlords rose. Link rose 1.85%. Wharf rose 1.85%. Auto shares fell. Geely lost 1.5%. BYD lost 0.56%. Li Auto lost 2.7%. Nio lost 1.7%. XPeng lost 7.6%. Insurers fell. Ping An lost 5.4%. China Life lost 2%. NCI lost 2.1%. CPIC lost 3.4%. Price of gold fell. Gold miners fell. Zijin lost 2.85%. Zhaojin lost 1.7%. China Gold lost 2.2%. The market turned from gain to loss in midafternoon. AIA lost 1.7% for 21-point loss. Ping An lost 5.4% for 23-point loss. Alibaba lost 0.9% for 12-point loss. HK Exchanges lost 2.1% for 13-point loss. CNOOC lost 2.8% for 9-point loss. Shanghai composite index closed down 19 points. Hang Seng index closed down 101 points, H share index down 47 points and technology index down 35 points. Turnover was $94.1 billion.

Overnight, overseas markets were mixed. DAX rose 77 points and CAC rose 48 points. However, FTSE lost 8 points. Dow Jones lost 40 points, but S & P rose 4 points and Nasdaq rose 10 points. Hong Kong ADR’s rose 31 points. Night future was flat. We expect the market to rebound today.
 
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