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Hong Kong market fell sharply as China economic growth disappointed the market.
The market opened lower on Monday. Hang Seng index opened down 92 points, H share index down 49 points and technology index down 46 points. Technology stocks led the fall. Alibaba ...
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Hong Kong market fell sharply as China economic growth disappointed the market.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The market opened lower on Monday. Hang Seng index opened down 92 points, H share index down 49 points and technology index down 46 points. Technology stocks led the fall. Alibaba lost 1.53% for 22-point loss. Meituan lost 1.56% for 18-point loss. Tencent lost 0.96% for 15-point loss. On the other hand, AIA rose 1.44% for 14-point gain. Shanghai composite index opened down 4 points. The market was little changed after opening as Hang Seng index lost about 100 points. Alibaba, JD, HSBC and CNOOC led the fall. CNOOC lost 1.5% for 9-point loss. JD lost 2.6% for 8-point loss. HSBC lost 0.44% for 8-point loss. China’s GDP grew 4.7% in the first half, lower than expected. Consumption for June grew only 2%, lower than the expected 3.5%. The market fell on the news. Hang Seng index lost more than 200 points. Hang Seng index fell to a low of 18014 points, down 279 points. Technology stocks led the fall. Tencent lost 1.66% for 25-point loss. Alibaba lost 1.9% for 27-point loss. Meituan lost 1.8% for 19-point loss. JD lost 5% for 14-point loss. Genscript soared 26% as its subsidiary received offer for takeover. Hang Seng index closed the morning down 254 points, H share index down 102 points and technology index down 92 points. Turnover was $50.8 billion.

The market fell further in the afternoon as Hang Seng index lost more than 300 points. Technology stocks fell further. Alibaba lost 2.1% for 30-point loss. Meituan lost 1.9% for 23-point loss. Tencent lost 1.6% for 25-point loss. JD lost 5.1% for 15-point loss. HK Exchanges lost 2.67% for 14-point loss. HSBC lost 0.74% for 14-point loss. CCB lost 1.1% for 11-point loss. Ping An lost 2.7% for 11-point loss. China’s June sales grew at only 2%. Retail stocks fell. Lining lost 5%. Chow Tai Fook lost 4.5%. Nongfu Spring lost 4%. Anta Sports lost 2.2%. Auto shares fell. Li Auto lost 4.5%. Geely lost 2.4%. BYD lost 1.2%. XPeng lost 5.1%. Mainland developers fell. Longfor lost 4.5%. China Overseas Land lost 3.7%. CR Land lost 1.9%. KWG lost 5.9%. Pharmaceutical shares fell. Sino Biopharm lost 4.5%. Wuxi Biolgoics lost 3.3%. Wuxi Apptec lost 2.9%. Akeso lost 4%. Shanghai composite index closed up 3 points. Hang Seng index fell to a low of 17946 points, down 347 points and closed down 277 points, H share index down 111 points and technology index down 109 points. Turnover was $91.1 billion.

Overnight, European markets fell. DAX lost 157 points. CAC lost 91 points and FTSE lost 70 points. US markets continued to rise. Traditional blue chips led the rally. Dow Jones rose 211 points and set record high. S & P rose 74 points and Nasdaq rose 16 points. Hong Kong ADR’s lost 104 points. Night future lost 179 points. We expect the market to fall today.  
 
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