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Li Auto’s sharp fall triggered profit taking. Hong Kong market fell sharply.
The market opened lower on Tuesday. Hang Seng index opened down 162 points, H share index down 55 points and technology index down 56 points. Li Auto’s first quarter net prof...
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Li Auto’s sharp fall triggered profit taking. Hong Kong market fell sharply.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Tuesday. Hang Seng index opened down 162 points, H share index down 55 points and technology index down 56 points. Li Auto’s first quarter net profit plunged 36% and issued pessimistic guidance. Share price crashed 14.6% for 31-point loss. AIA lost 2.3% for 27-point loss. Techtronic lost 5% for 14-point loss. Meituan lost 1.6% for 18-point loss. Shanghai composite index opened down 6 points. The Market fell sharply after opening, as Li Auto’s fall triggered a major selloff. Hang Seng index lost more than 400 points. Technology and financial stocks led the fall. AIA lost 4.4% for 51-point loss. Li auto lost 18.5% for 40-point loss. Tencent lost 2.7% for 50-point loss. Meituan lost 2% for 22-point loss. Techtronic lost 7.6% for 21-point loss. BYD lost 3.8% for 15-point loss. HK Exchanges lost 2.3% for 14-point loss. Xiaomi lost 2.3% for 13-point loss. Auto shares fell. Nio lost 5.7%. XPeng lost 7.1%. BYD lost 3.8%. Geely lost 3 .6%. Shanghai composite index closed the morning down 13 points. Hang Seng index reached a low of 19188 points, down 448 points and closed the morning down 402 points, H share index down 135 points and technology index down 131 points. Turnover was $80.5 billion.

The market was little changed in the afternoon, as Hang Seng index lost more than 400 points. AIA lost 3.8% for 43-point loss. Li Auto lost 19% for41-point loss. Tencent lost 3.75% for 69-point loss. Meituan lost 2.7% for 30-point loss. HK Exchanges lost 3.9% for22-point loss. Xiaomi lost 3.5% for 19-point loss. BYD lost 4.1% for 16-point loss. Techtronic lost 4.9% for 14-point loss. JD lost 3.3% for 13-point loss. Medical stocks and pharmaceutical stocks fell sharply. JD Health lost 8.53%. Ali Health lost 7.5%. Wuxi Biologics lost 5.8%. Sino Biopharm lost 5.4%. Wuxi Apptec lost 3.9%. Consumption stocks fell. Haidilao lost 5.4%. Anta Sports lost 4.1%. Mengniu lost 4.1%. Auto shares fell sharply. Li Auto lost 19%. XPeng lost 9.9%. Nio lost 6.4%. BYD lost 4.1%. Geely lost 4.1%. Gold miners fell sharply. Zijin lost 5.56%. Zhaojin lost 4.1%. China Gold lost 4.1%. Shanghai composite index closed down 16 points. Hang Seng index closed down 415 points, H share index down 144 points and technology index down 154 points. Turnover was $150.6 billion.

Overnight European markets fell. DAX lost 42 points. CAC lost 54 points and FTSE lost 8 points. US markets edged higher. Dow Jones rose 66 points. S & Prose 13 points and Nasdaq rose 38 points and set record high. Hong Kong ADR’s rose 3 points. Night future rose 12 points. We expect the market to fall today. 
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