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Special Chinese shares rose but technology stocks fell.
The market opened higher on Thursday. Hang Seng index opened up 23 points, H share index up 8 points and technology index up 6 points. Tencent rose 0.77% for 12-point gain. AIA ros...
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Special Chinese shares rose but technology stocks fell.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened higher on Thursday. Hang Seng index opened up 23 points, H share index up 8 points and technology index up 6 points. Tencent rose 0.77% for 12-point gain. AIA rose 1.2% for 12-point gain to lead the blue chips. On the other hand, Alibaba lost 0.34% for 5-point loss. Hansoh Pharm lost 3.6% to become the top loser at opening. Shanghai composite index opened down 2 points. The market fluctuated after opening, vacillating between gain and loss. Alibaba lost 0.6% for 8-point loss. Meituan lost 1.2% for 12-point loss. Techtronic lost 3.4% to become the top loser. On the other hand, HSBC rose 0.44% for 8-point gain. Special Chinese shares rose. CCB rose 1% for 10-point gain. CNOOC rose 2.86% for 17-point gain. Petrochina rose 2.4%. for 9-point gain. Sinopec rose 2%. China Shenhua rose 1.4%. China Mobile rose 0.88%. ICBC rose 1.1%. Sinopharm rose 2.7%. China Life rose 1.6%. SMIC rose 4.9% to lead the blue chips. Shanghai composite index closed the morning down 8 points. Hang Seng index closed the morning down 89 points, H share index down 31 points and technology index down 52 points. Turnover was $55.2billion.

The market traded lower in the afternoon with Hang Seng index falling about 100 points. Technology stocks led the fall. Alibaba lost 0.87% for12-point fall. Meituan lost 1% for 11-point loss. Tencent lost 0.6% for 9-poiont loss. Anta Sports lost 3.4%. Shenzhou International lost 4.4%. Li Auto lost 3.6%. On the contrary, Special Chinese stocks rose. Oil stocks led the way. CNOOC rose 3.5% for 19-point gain. Petrochina rose 2.5% for 6-point gain. Sinopec rose 1.86% for 14-point gain. China Life rose 1.6%. OOIL rose 3.2%. Haidilao announced one of its subsidiaries turned from profit to loss. Share price fell 6.8% to lead the losers. Mainland developers fell. Longfor lost 5.66%. CR Land lost 1.1%. China Overseas Land lost 2.1%. Sunac lost 2.5%. KWG lost 4.3%. Beer shares fell. Budweiser lost 4.2%. CR Beer lost 4.1%. Auto shares fell. Li Auto lost 3.4%. Geely lost 1.1%. XPeng lost 1.5%. Nio lost 1.8%. Shanghai composite index closed down 11 points. Hang Seng index closed down 95 points, H share index down 31 points and technology index down 64 points. Turnover was $1036 billion.

Overnight, European markets rose. DAX rose 186 points. CAC rose 101 points and FTSE rose 67 points. US markets were mixed. AI technology stocks retreated from record highs. Dow Jones rose 300 points, but S & P lost 14 points and Nasdaq lost 140 points. Hong Kong ADR’s lost 120 points and night future lost 122 points. We expect the market to fall today.  
 
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